The COVID-19 pandemic has challenged businesses across all sectors and in all regions and created an unprecedented demand for finance. Lenders and brokers have, with the support of government and the British Business Bank, delivered record levels of lending.
Community Development Financial Institutions (CDFIs) like SWIG Finance have played their part in supporting businesses in need. As of 24th March, CDFIs have so far lent over £70 million to 745 Micro, Small and Medium Enterprises (MSMEs) through CBILS nationally.
This investment has helped protect and create thousands of jobs while supporting the social and economic wellbeing of communities. CDFIs enjoy close working relationships with businesses within their respective communities and provide critical finance to smaller businesses which remain under-served by mainstream lenders. The aim of CDFIs is to bridge this funding gap with investment that supports survival and growth even in these, the toughest of times.
Looking forward, the British Business Bank’s new Recovery Loan Scheme (RLS) will enable CDFIs like SWIG Finance to keep lending to those growing businesses that don’t have the collateral often needed for conventional borrowing.
SWIG Finance has a portfolio of funds through which it can lend from £500 to £250,000 – and as our decisions are made by people, not computers, our lending is based on looking at the bigger picture and the future potential of a small business.
Seeing a clear need for responsible and responsive, flexible support, CDFIs continue to develop sustainable loan portfolios that deliver finance for good in the communities they serve.
For further information about SWIG Finance’s work in the South West visit www.swigfinance.co.uk
To find out more about Responsible Finance, visit https://responsiblefinance.org.uk/responsible-finance-providers/what-is-responsible-finance/