The British Business Bank has launched a £200 million fund aimed at fostering growth and prosperity for businesses across the region, including Swindon and Wiltshire.
The South West Investment Fund (SWIF) will provide funding to SMEs across Swindon, Wiltshire, Bristol, Cornwall, the Isles of Scilly, Devon, Dorset and Gloucestershire.
Offering a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million, the fund will provide new opportunities for businesses at a crucial time of economic uncertainty.
A roadshow for small business finance intermediaries will be held at Swindon Town Football Club on Thursday 13th July, starting at 4pm, to provide more information about the fund.
SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the British Business Bank, the government-owned business development bank.
A total of £1.6 billion has been committed to the new funds to drive sustainable economic growth.
Chief Secretary to the Treasury, The Rt Hon John Glen MP and Member of Parliament for Salisbury, said, “The South West is home to some of the most creative, innovative and exciting businesses this country has to offer. This fund will deliver vital investment to nourish that potential, building on over £300 million of levelling up funding to grow the local economy and create well-paid jobs across the region.”
Louis Taylor, Chief Executive of the British Business Bank, added, “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.”
SWIF will be managed by a team of four fund managers that have been appointed by the British Business Bank including SWIG Finance, FW Capital, Maven and the FSE Group.
SWIG Finance will manage the smaller loans part of the fund, from £25,000 to £100,000, for the whole South West. FW Capital and Maven will manage the debt (£100k to £2m) and equity (up to £5m) funds respectively for the north of the region. The FSE Group will manage both debt and equity for the South of the Region.
Applications for funding are made directly to the relevant fund managers who can be contacted via the SWIF website www.southwestinvestmentfund.co.uk