Nuneaton firm first to benefit from major new funding scheme
A state-of-the-art residential care home for children in Warwickshire is the first business to receive support from a new £140 million support fund.
Forge Care, based in Nuneaton, has created a £7 million centre to help up to 24 children, who are experiencing emotional and behavioural disorders or recovering from early childhood trauma, in a therapeutic community.
Now the centre is set to benefit from a £1 million loan through the Warwickshire Reinvestment Fund (WRIF) which was launched by Warwickshire County Council to stimulate the local economy and create jobs.
It is the first business to win funding from the ground-breaking initiative which is designed to create more than 3,000 new jobs and safeguard many thousands more.
The Forge, which opened earlier this month and Forge Care, will eventually create around 80 jobs and features four individual buildings and sensory and nature spaces.
Co-Founder Dave Hughes said: “We believe we are creating something very special which will help children from across Warwickshire and beyond who have been through a great deal in their short lives.
“With the interior we wanted to replicate the layout and style of a traditional family home – which is essential for ensuring we have an inviting space that caters to different members’ needs.
“At the same time, the exteriors have large play areas as well as sensory and nature spaces which are to encourage the residents to get involved with growing plants and making the most of the natural world.”
The WRIF specifically addresses a gap that has been identified in the market for access to finance. The aim is to distribute £140 million over the next five years, offering loans and other financial investments to existing and new businesses to help their long-term recovery and growth.
Co-Founder Gavin Miller said: “None of this would have been possible without the support of the WRIF, or Warwickshire County Council. This loan will now mean we can get to work improving the lives of looked after children, not just in Warwickshire but further afield.
“From start to finish the WRIF application – and indeed the approval process – has been seamless. We had concerns we would face disruption or delays, but this wasn’t the case.
“Our loan was agreed and processed quickly by Warwickshire County Council and their support has been an invaluable asset throughout this project. The team is very interactive and provided sound advice and discussed finance options.”
It is anticipated that the WRIF will also help unlock and bring in around £100 million of additional private sector investment and, through improved growth and productivity, create an annual increase in GVA of up to £160 million.
Cllr Martin Watson, Warwickshire County Council Portfolio Holder for Economy & Place, said: “On top of the fantastic news that the WRIF will be utilised by Forge Care to ultimately help many vulnerable children in our area, is the fact that additional businesses supported by these loans, will bring both further employment and more income to the local economy.
“With this investment, over the next five years we could see upwards of 3,000 new jobs being created and the safeguarding of thousands of existing roles. It truly is an exciting time and I would encourage businesses looking to bounce back or grow following the pandemic to consider this opportunity.”
For further information on the WRIF and what support it can offer, local businesses can visit https://www.warwickshire.gov.uk/wrif
