More than 350 businesses from across the South West have already expressed an interest in applying for finance from a new £200m regional investment fund just weeks after its launch.
The government-backed South West Investment Fund (SWIF), which was unveiled last month by the British Business Bank, aims to increase the supply and diversity of early-stage finance for new and growing smaller businesses across the region.
As reported by Bath Business News, SWIF offers commercial finance options for companies at all stages of development, ranging from small loans of £25,000 upwards to equity investments of £5m.
It aims to fill the gaps in available finance options in the region and so empower businesses to unlock their potential.
Since SWIF’s launch, more than 350 firms have been in touch with it about applying to the fund while more than 300 delegates have attended a series of regional roadshows explaining what the fund is about and how businesses can apply via the fund’s dedicated fund managers.
British Business Bank director of UK and regional funds Jody Tableporter said: “We’ve had a great reception to the funds across the South West, both at our roadshows and evidenced by the interest we’re seeing from growth-minded businesses across the region.
“Our fund managers are reporting demand at all levels of the fund – from small loans, larger debt and equity finance – and that’s really encouraging. We look forward to announcing our first deals soon.”
One of the SWIF roadshows was held in Bristol, when the keynote speaker was West of England tech ecosystem stalwart Nick Sturge MBE.
Pictured at SWIF’s Bristol event, from left: South West Investment Group head of finance Dave Bullen, Maven partner Melanie Goward, Nick Sturge and FW Capital fund manager David Goodall
Nick, who is chair of regional sector group techSPARK, said: “I’m hugely excited about the opportunity this fund offers for the region. Its accessibility means it can reach businesses which perhaps would not have otherwise been able to access this finance, particularly the diversity of products on offer.
“But the real opportunity here is that this fund could catalyse other activity, particularly private funding, which means the impact could be massive.”
Also attending was Federation of Small Businesses (FSB) Somerset and Wiltshire development manager Ruth Lambert, who added: “We know that our members, who are mainly the really small businesses with less than 10 staff, tend to be cautious about sourcing finance.
“Often, when they get turned down by the more traditional routes, such as high street banks, they lose momentum.
“I’m hoping this fund will give them other options and the confidence to grow and expand their businesses.
“And because we know that our members are hubs in their local community, this funding will also help our local economies prosper.”
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 £1.6bn has been committed to the new funds.
SWIF is 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.
FW Capital, which has a strong track record of providing flexible finance to dynamic businesses in the North of England, recently opened an office in Bristol, will manage the debt finance fund for the north of the region.
