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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 that have typically been trading for over two years. 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, and for the duration of the loan, 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 in Somerset?
SWIG Finance provides Unsecured Business Loans for Limited Companies in Somerset. Business loans are available for businesses that have been typically trading for over two years, however, initial enquiries are welcomed to establish suitability.
Visit our Business Loans page for more information.
What documents are required for a business loan in Somerset?
- Last 2 sets of full annual accounts, including detailed Profit & Loss Accounts
- Management accounts for the period since the most recent year-end to date
- Cashflow forecast for a minimum of 12 months, identifying the funding requirement and showing the spending
- Agreement to Open Banking Report
- Business plan / executive summary overview
- Details of any agreed outputs e.g. number of jobs created or safeguarded
What can business loans be used for?
Business loans can be used for a range of purposes, including (but not limited to):
- Working Capital
- Growth Capital
- Operational Expenses
- Recruitment or Staff Costs
- Purchasing Equipment
- Marketing
- Business Acquisition
- ✓ You must be 18 or over.
- ✓ Limited companies only can apply.
- ✓ You must be a business with a clear plan for the purpose of the loan.
- ✓ The business must be able to demonstrate viability and growth potential.
- ✓ The business must be based in the South West of England.
- ✓ Applicant businesses will typically have been trading for more than 2 years.
How much can an SME borrow from SWIG Finance?
SME Loans from £25,001 up to £250,000 are available.
What are the interest rates and fees?
For a business loan of £25,001 to £250,000 repayable up to 5 years, the interest rate is 12% ABR.
There is a 5% arrangement fee at outset, which can be added to the loan. If any payments are missed or late there may be additional fees.
“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 Somerset Business Loan?
You can apply for a business loan via our website. Once you have submitted your initial enquiry, a member of our team will be in touch to discuss the next steps.
Information we will need to assess your loan request:
- Last 2 sets of full annual accounts, including detailed Profit & Loss Accounts
- Management accounts for the period since the most recent year-end to date
- Cashflow forecast for a minimum of 12 months, identifying the loan requirement and showing spending
- Agreement to Open Banking
- Credit Report for all directors
- Business Plan
- Details of any agreed outputs e.g. number of jobs created or safeguarded
Apply now to take the next step in securing the funding your business needs.
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.
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.