Small and medium sized companies across the South West region can now apply for loans to invest in their business growth, thanks to SWIG Finance.
The funding has become available through the recycling of Regional Growth Fund money from the government which has already been repaid by region’s businesses.
Part of a national scheme managed by Responsible Finance, the SWIG Finance loan fund has been made possible in the South West with the support of Lloyds Bank Commercial. Growing businesses which have a funding gap can apply for loans of between £10,000 and £100,000.
During its first round of investment, the fund lent £1.2m in just 18 months to 38 South West businesses, helping to create and protect 170 jobs.
Bristol’s first franchise of the international Kip McGrath Education Centre was made possible thanks to a £20,000 loan from SWIG Finance. The Kip McGrath Education Centres support children aged 6 – 16 with English and Maths tuition primarily giving lessons to children needing to catch up learning gaps, seeking to achieve high grades or pass entrance exams.
Opened in September 2015 by Seonaid Birkett, the education programme has seen significant growth since its launch. Seonaid says: “Kip McGrath is really growing; we have five teachers, have supported hundreds of students and are running at least two sessions a day, including Saturdays.
“Without this funding I wouldn’t have been able to embark on this new venture and I am optimistic that we have plenty of room to grow further.”
SWIG Finance Managing Director, John Peters says: “This fund has already helped a lot of small and medium sized businesses to grow so we are really pleased to be able to support even more businesses in the South West with these recycled funds.
“We’re encouraging growing businesses who need funding but are unable to access sufficient support from their bank to get in touch.”
Find out more and apply here.