Small and medium sized businesses in Cornwall and the Isles of Scilly have benefitted from £750,000 worth of investment via a loan fund delivered by SWIG Finance. 19 growing Cornish businesses have received investment from the fund which has now reached its investment target, helping to so far create 13 new jobs out of a forecast total of 60.
SWIG Finance achieved another of the fund’s aims in generating private sector leverage, with £800,000 of match funding raised through other sources of finance.
One of the businesses which benefitted from the loan fund was A Game Sports, based in Redruth. The business, which supplies quality sportswear to schools and sports clubs is now in its fifth year and sought finance to invest in new machinery.
A Game’s founder and Managing Director, Adrian Noott says: “The support provided by SWIG has been vital to our expansion. We have invested £30,000 in machinery which means we can now do embroidery in-house which gives us far more flexibility and faster turn- around times. We have also been able to expand the team and have a recruited an Ops Manager, taking us up to 7 employees now.”
SWIG Finance continues to support businesses in Cornwall and the Isles of Scilly through its Growth Loans, backed by the Regional Growth Fund.