A Local Caribbean Restaurant is Diversifying with the Help of Duplex Investment Fund
Introducing “Leave it to Esmie”
This unique Caribbean restaurant located in Coventry’s Fargo Village has been very popular amongst the locals but like many hospitality businesses, it has made the decision to diversify its offering. Reaching customers and events further afield, Esmie’s have purchased a food truck which will allow the business to attend summer events and festivals nationwide.
Adding a new income stream to their already popular restaurant will support the business’ growth plans and covering a wider region will help increase their customer base.
Esmie Stewart, the owner of “Leave it to Esmie” has managed this by utilising Duplex Investment Fund managed by Coventry and Warwickshire Reinvestment Trust (CWRT) and funded by Coventry City Council and Warwickshire County Council. Duplex offers a low interest loan when paired with its grant of up to 40%, supporting businesses just like Esmie’s who are looking to start a new project or purchase capital equipment. It is aimed at businesses based in Coventry and Warwickshire and is one of the most affordable ways to fund larger projects. With Duplex a business can utilise the grant to cover up to the first 18 months of the loan repayment, giving businesses the breathing space they may need whilst getting their new project off the ground.
Duplex Investment Fund’s impact
Despite facing personal obstacles that extended the timeline of the application to over a year, Esmie has managed to accomplish her goal and secure her business future. “We currently have 33 new events booked and the potential of booking more. We are also looking to work with schools and the local community by providing educational events on the culture of Caribbean food. The purchase of the food truck will create an additional 3 jobs and ensure our business survival.”
Sheridan’s quote
“The hospitality industry has had a rollercoaster ride of financial ups and downs during the pandemic and the subsequent financial aftershocks. We know that access to finance is crucial for the hospitality industry to sustain operations, invest in growth, and navigate through financial challenges. That’s why we are really pleased to have been able to support Esmie with a Duplex Loan to enable her to find innovative ways to generate revenue and keep the industry thriving.
Cllr Jim O’Boyle Cabinet Member for Jobs, Regeneration and Climate Change said, “We’re really proud of the work we do with CWRT to provide much needed finance for businesses. Small and medium sized businesses are the economic backbone of our region. Together, they employ more people than the big companies combined and with our work with CWRT means that we can support these businesses to safeguard as many jobs as possible in these challenging times.”
Esmie praised the support and said: “CWRT are easy to work with, they listen to your needs and work out how to achieve them. They were very patient and made sure you understood every aspect of the funding, I would highly recommend them to anyone.”
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