A new region-wide fund has been launched by the British Business Bank to support new and growing small businesses in the South West.
The £200m South West Investment Fund (SWIF) covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.
The purpose of SWIF is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the South West. SWIF will increase the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
SWIG Finance has been appointed to manage the Smaller Loans contract and will be providing loans from £25,000 up to £100,000, covering the whole South West.
Other fund managers include The FSE Group, who will manage larger debt (£100k – £2 million) and equity for the South of the region. FW Capital and Maven will manage the larger debt (£100k – £2 million) and equity for the northern parts of the region.
Louis Taylor, chief executive of the British Business Bank, says: “The launch of the South West Investment Fund marks an important milestone in our mission to support business growth across the UK. By identifying and addressing funding gaps in the South West, we aim to empower local businesses and unlock their true potential. This initiative will play a crucial role in catalysing economic growth, creating jobs, and fostering innovation in the region.”
■ Meet both SWIG Finance and The FSE Group when they exhibit at BBxpo in Bideford on Thursday 26 October – details at BBxpo.uk