The South West’s SMEs have shown incredible resilience in weathering the COVID-19 storm, and, with the backing of the British Business Bank’s Recovery Loan Scheme (RLS), SWIG Finance continues to support those smaller impacted businesses to grow and prosper.

Whilst many businesses borrowed as much as they needed through the government’s CBILS and Bounce Back Loan schemes, we are seeing an increase in the number of applicants seeking finance to adapt to and exploit emerging opportunities.

Most of our borrowing requests fall into the following categories:

• Investment in growth, including working capital to fulfil new contracts, marketing, expansion to meet demand and increasing stock requirements.

• Cashflow management – successive lockdowns have eroded the working capital cycle for many.

• Businesses seeking to ‘pivot’ and align their business models to better serve their customers in a changing consumer world.

• Business start- up or purchase of an existing business.

Most applicants are optimistic about the future; they are forecasting higher trading levels than pre-covid rates and have a clear sight of new market opportunities. Business confidence is encouragingly high – though we are very mindful of those businesses who have been severely impacted by the events of the last 18 months, and we continue to support those businesses too, wherever we can.

As a Community Development Financial Institution (CDFI), SWIG Finance is committed to supporting our region’s underserved SMEs and playing our part in creating a balanced financial eco-system.

To find out more about SWIG Finance and RLS, please contact us on 01872 227 930 or info@swigfinance.co.uk

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 business loans from £25,001 to £250,000 available to South West SMEs who cannot access sufficient funding from their bank https://www.swigfinance.co.uk/business-loans/