Coventry MotoFest 2015
The future for Coventry’s Motofest is looking bright after £40,000 of short term loan funding for the event has been secured in a deal brokered by Coventry organisation CWRT.
Motofest organisers have worked with Coventry and Warwickshire Reinvestment Trust (CWRT) – a not-for-profit specialist finance provider that supports businesses and start-ups in Coventry and Warwickshire – by offering loans not being given by the high street banks.
The five-figure sum will help to secure the future of Motofest, with the money invested into the planned expansion of the three-day festival over the next few years.
It’s a welcome boost for Motofest 2015, as organisers get set to press down the accelerator on what is billed as Motofest’s biggest festival to date, with over 1,000 cars set to roll into the city between Friday, May 29 to Sunday, May 31.
James Noble, Motofest Festival Director, said: “It’s fantastic news for Motofest that we have been able to work with CWRT to secure this substantial amount of funding.
“The money that has been made available will help us to grow the festival as planned and implement the vision we had at the beginning to create an Edinburgh Festival-style celebration of Coventry’s motoring heritage.
“We would like to thank CWRT for their assistance and support in securing this finance and their involvement in all stages of the process. It gives us the green light to continue delivering Motofest for many years to come in the future.”
Mike Musson, Chief Executive of CWRT, said: “We are an impact investor which seeks to benefit the local community by providing loans and Coventry Motofest is an attractive proposition for a couple of key reasons.
“We see Motofest as a key flagship event for Coventry, given the city’s status as the historical UK home of cars.
“It’s also importantly having a direct impact on the people of Coventry. It’s helping to create jobs, a sense of community engagement and enjoyment for people in the city and that is a key part of the motivation for supporting such an event.”
Coventry’s Motofest 2015 is a three-day festival, beginning on Friday, May 29, dedicated to the city’s motoring heritage involving pop-up racing, demonstration events, static displays, live music, and fringe events – an ‘Edinburgh Festival’ for cars, bikes and other vehicles.
CWRT is a not-for-profit organisation committed to supporting individuals and businesses in Coventry and Warwickshire to start, grow and develop by providing business loans to those companies or organisations with a unique idea or business proposition.