Nearly £3 million has been invested in small business across Warwickshire from a fund that has already helped a Kenilworth-based bin collection and cleaning company expand.

Bear Cleaning received a £41,500 loan and £16,600 grant from the duplex investment last year to buy a 3.5 tonne truck to expand into Warwick and Stratford-upon-Avon.

And since the fund was launched in 2019, nearly 30 business across the county have benefitted from £2,094,670 in loans and £829,627 in grants.

Bear Cleaning, which is run by former Warwickshire Police officer Ted Hunter and his wife Kate, has also seen a surge in demand for its services since the new 123+ bin collections were introduced by Warwick District Council last August.

"I carried out a lot of detailed market research and realised we needed to buy a small truck, so I got in touch with the Growth Hub and then CWRT to apply for the Duplex Investment Fund," said former social worker Kate.

"We now have our new vehicle. There was a lot of information and due diligence required but it really helped to formalise our business plans and we are really grateful to have received this valuable funding." 

Bear Cleaning received a £41,500 loan and £16,600 grant from the duplex investment last year to buy a 3.5 tonne truck to expand into Warwick and Stratford-upon-Avon

Across Warwickshire the fund has helped create and protect jobs - in total, 167 new jobs are forecast, 61 have been created and 149 safeguarded with three apprentices to be taken on. 

The project is funded by £3.9 million from the government's local growth fund and the growing places fund, distributed and managed by the Coventry and Warwickshire Local Enterprise Partnership. Warwickshire County Council and Coventry City Council have both invested £2 million in the scheme, managed by Coventry & Warwickshire Reinvestment Trust.

Warwickshire County Council's portfolio holder for economy and place, Cllr Martin Watson, said: "The Duplex Investment Fund is a fantastic example of collaborative working between ourselves and partners, all committed to supporting small businesses and their communities.

"The £2million in loans is a proud milestone to reach and the fund continues to go from strength to strength to keep supporting the local economy."