Duplex investment fund
‘a grant and loan in one easy deal’
What is it
Duplex IF is an altogether new way of helping to finance investments by local businesses that combines public sector grants and loans. It is delivered by FCA accredited, lending specialists, CWRT, on behalf of Coventry City Council (CCC) and Warwickshire County Council (WCC) and Coventry and Warwickshire Local Enterprise Partnership. They have committed long term funding. The scheme is due to start 1 April 2018.
What you get
You receive the full cost of a capital investment project in cash as a loan on day one. Once you have received and paid for your capital item(s) you receive a grant which is typically 40% of the total cost.
This means that you have complete financial flexibility to ensure your project proceeds as you wish. The value of the grant could be as much as the total interest payable on the loan.
Loans will normally fall in the range of £20,000 to £100,000 and be available to all qualifying Coventry and Warwickshire businesses.
Qualifying and processing
You need to be able to show two years of trading, backed up by accounts, have a sound business plan, and demonstrate that you need the grant. The process starts with you completing an Expression of Interest form which allows the team at CWRT to make an early assessment of your eligibility and to ensure Duplex is right for you. All being well you will be asked to complete an Application Form. Applicants that can demonstrate new job creation will be favoured. Decisions based on the form and accompanying data will be made carefully and quickly.
CWRT will take care to ensure that any data you provide is necessary and proportionate to delivering and improving the scheme. It will be securely held and will only be shared with CCC and WCC where needed and in accordance with CWRTs contracts with them. CWRT will need to retain the information for 7 years.
· any company size or trading sector
· interest rate typically 13.75%
· arrangement fee typically 5%
· loan term 48 to 60 months
· no early repayment in first 12 months, fees apply
· grants will not be paid if loan repayments are in arrears
Download the expression of interest form below and email to firstname.lastname@example.org