Exeter-based business Spatial Quotient, which creates tech for hospitals and healthcare, is the latest business to benefit from Debt Funding through SWIG Finance.
The £210,000 loan will be used as working capital to support business continuity and fulfil new contracts. The current team of 7 will expand to create 21 new jobs over the next 3 years and the company sees the loan as critical in supporting this growth plan.
Spatial Quotient’s mission is to ensure a high-quality healthcare experience for all. It uses technology and data to solve people-flow problems within the healthcare sector. By using real-time data, they aim to improve the hospital and clinic experience for patients and staff by reducing waiting times and optimizing space and resource allocation.
Although COVID-19 has delayed their growth plans, the business has over £1million of contracts agreed which, when implemented, will make a positive impact in terms of improving healthcare efficiency and the wellbeing of both patients and healthcare staff.
Not only this but the team has recently been awarded an Innovate UK grant to explore the use of this tech in delivering COVID specific solutions for hospitals to ensure that healthcare staff and patients adhere to the safest path through their hospital journey and reduce the risk of COVID transmission.
SWIG Finance’s Business Manager, Rachael Taylor, commented “This new technology comes at a time when there is heightened awareness around maintaining social distancing due to COVID-19. The solutions offered by Spatial Quotient will play a key role in reducing patient anxiety around visiting hospitals as well as enabling hospitals and clinics to improve time management by optimising resource allocation”.
Spatial Quotient Managing Director, Tim Maguire, said “We would like to thank SWIG Finance for supporting our business. The funding means that we can continue to move the business forwards during this critical period and create a meaningful force for change within the healthcare sector. Our Business Manager, Rachael, understood the business and the exciting plans we have to develop in the South West, this was critical and we will hopefully be working long term with SWIG to help us develop the business further”.
About SWIG Finance
SWIG Finance is the South West’s leading Community Development Financial Institution. We are passionate about bringing social and economic benefits to people and places in the South West.
We do this by providing support and finance to Start Ups and growing SMEs that can create and secure employment opportunities.
As the South West’s leading delivery partner for Start Up Loans UK, we can provide Start Up Loans from £500 – £25,000. For more information visit https://www.swigfinance.co.uk/start-up-loans/
We also have loans from £10,000 to £250,000 available to South West SMEs who cannot access sufficient funding from their bank https://www.swigfinance.co.uk/funds-available/
For an informal discussion about your funding requirements, get in touch with our friendly and professional team to find out how we can help: firstname.lastname@example.org / 01872 227 932.