A Wolverhampton-based digital media agency has secured a £100,000 funding boost.
LearnPlay Foundation secured the finance from BCRS Business Loans through the Midlands Engine Investment Fund (MEIF) in conjunction with the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding is being used to support the business’s cash flow during the period of disruption caused by the coronavirus. It is helping to safeguard 57 jobs and enabling LearnPlay to explore alternative ways of delivering interrupted contracts.
LearnPlay Foundation is a creative digital media company specialising in games-based technologies, film development, branding design and training.
Ro Hands said: “Securing this funding will allow us, like many businesses, to continue to work in an unpredictable economic landscape.
“As well as being committed to making a difference to people’s lives using games and media based technologies, LearnPlay now houses a successful media, programming and promotional task force, working with the likes of Tesco, the Highways Agency and local shops.
“Traditionally being a mainly face-to-face service, we will now focus on growing our remote offering by developing training sessions and assessments that can be conducted virtually.”
Lynn Wyke, Senior Business Development Manager at BCRS Business Loans, said:
“We are delighted to have supported LearnPlay Foundation. Not only is the training that LearnPlay delivers vitally important in improving the future prospects of those who feel uninspired by traditional education methods, but the company’s expertise and experience means it now has a strong commercial portfolio.
“As a lender of intentional social and economic impact, we are helping to safeguard 57 jobs with the potential for roles to be created in the future.
“We are dedicated to supporting businesses that are unable to access finance from traditional lenders, especially during the period of interruption caused by the coronavirus. We believe that no viable business should go unsupported.”
Ryan Cartwright, Senior Manager at the British Business Bank, said:
“This MEIF loan backed by CBILS, will support the business with its ongoing operations, enabling the team to explore new ways of delivering its service. We’re pleased that MEIF has been able to support and would encourage other Midlands’ businesses to consider the support available through these funds.”
Paul Brown, Black Country LEP Board Member said:
“This is great news, not just for LearnPlay Foundation but for our local economy as we all focus on business recovery during what remains a difficult time for business across the Black Country. Through the Midlands Engine Investment Fund we want businesses to thrive, grow and be successful and it’s great to see companies getting the support they need to continue and adapt their business, so they contribute to economic recovery and growth for the whole Black Country region.”
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
West Midlands based businesses can secure loans from £50,001 to £150,000 via CBILS accredited lender BCRS Business Loans, where interest and lender-levied fees are paid by the government for the first year. Alternatively, loans from £10,000 to £150,000 are available from BCRS outside of the CBILS scheme.
Click here to submit an initial application form.