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Business Loans in Somerset
In Somerset, the retail and wholesale sector accounts for more than 14% of overall employment. Manufacturing businesses follow closely behind, accounting for a further 12%.
Tourism and environmental industries also play an important role in Somerset’s local economy.
Advanced Engineering and Aerospace sectors are gaining momentum and are expected to contribute to significant economic growth regionally and nationally.
Somerset has an excellent rail and road travel network, it is also in close proximity to Bristol airport, making national and international travel very accessible.
SWIG Finance has business loans available for small and medium-sized businesses in Somerset.
Business Finance in Somerset
Unsecured term Loans are available to growing businesses in Somerset. Loans range from £25,001 up to £250,000 and can be used for a range of purposes.
Start Up Loans are available for entrepreneurs based in Somerset with less than three years of trading.
Start Up Loans range from £500 up to £25,000 and are designed for new and early-stage business owners.
We have a team of local business managers to support businesses in Somerset.
SWIG Finance has a team of local business managers to support businesses in Somerset
At SWIG Finance, we empower start-ups and SMEs to overcome their financial barriers.
Rachael Taylor is our lead manager in Somerset, supporting a wide range of businesses with their funding needs.
Before joining SWIG in 2019, Rachael was with Lloyds Bank for 21 years, including 10 years as SME Relationship Manager for Exeter and North Somerset.
Contact Rachael on;
rachaeltaylor@swigfinance.co.uk
07483 079 970
Your Nearest Office:
SWIG Finance Ltd (Exeter)
SWIG Finance provides viable SMEs and start-ups with access to finance.
SWIG Finance Ltd (Bristol)
SWIG Finance provides viable SMEs and start-ups with access to finance.
Our decisions are made by people, not computers, which means that we lend by looking at the bigger picture.
Our business managers provide support and guidance throughout the application process to give our customers the best chance for success.
We have Start Up Loans for businesses trading less than 3 years
Is my business eligible for a business loan?
The CBILS Scheme closed with effect from 31 March 2021. Learn more here.
Business Loan characteristics
- ✓ Loan value from £25,001 – £250,000
- ✓ Finance for working capital or growth (e.g. equipment)
- ✓ Tangible security is not required
- ✓ We are an accredited Growth Guarantee Scheme lender
- Terms & Conditions Apply
Security
- Fixed & floating debenture taken (ranking behind existing charge holders, if appropriate)
- Unsupported personal guarantees are typically required for business loans
Information required to apply for a business loan:
– Last 2 years' full accounts (if available)
– Most recent management accounts
– Cashflow forecast for a minimum of 12 months
– Last 6 months business bank statements
– Credit Report for all directors
Amount & Term
£25,001 – £250,000 repayable up to 60 months
Interest Charge
Charged at 12% ABR
Fees Arrangement
Fee of 5% charged at outset
Disclaimer: This repayment calculator is designed to outline the arrangement fee, monthly loan repayments and the total amount repayable for different loan terms. The actual amount payable may change depending on the agreed term and loan amount. We charge interest at 12% Above Base Rate (ABR). Base rate is currently 3.75%.
Terms and conditions apply, Credit is subject to status, affordability assessments and credit checks.
“We chose to work with SWIG Finance because, unlike other lenders, at SWIG you can talk to a person. Ultimately, SWIG Finance were able to support our business by looking at the bigger picture – something which other lenders are not willing to do.”
Customer Testimonial, SME Business Owner
How to apply for a Business Loan?
To apply for a Business Loan, you will need to complete our online application form.
Information we will need to assess your loan request:
- Last 2 years’ full accounts (if available)
- Most recent management accounts
- Cashflow forecast for a minimum of 12 months
- Last 6 months business bank statements
- Credit Report for all directors
Apply now to take the next step in securing the funding your business needs.
Our Application Process
We assess each business on its own merit. To apply, please complete our online enquiry form below. Initial enquiries welcomed to establish suitability. Once we have received all the information we need to consider your application, the decision will be made as soon as possible.
Apply Now
If you're ready to take the next steps, apply now!
Tips & How-To Guides
Here you will find practical tips and how-to guides.
Got a question?
Give us a call today and we will answer any question you may have.
Do you need to borrow less than £25k?
We have Start Up Loans available for businesses that have been trading for less than 3 years.
Apply for a business loan now
Please complete the below enquiry form and a member of the team will be in touch.
Read more about our business loans requirements here.
Start Up Funding for Zero Waste Shop
Somerset sustainability entrepreneur, Keith Hunt, has received a £12,000 Start Up Loan to support the opening of his zero-waste shop.
Our Precious Earth, in Holloway Street, Minehead, provides eco-friendly household goods and gifts. All products are ethically sourced and packaged in eco-friendly materials.