RESPONSIBLE finance lender, SWIG Finance has supported a record number of South West businesses in the last 12 months.
In the last financial year the not-for-profit organisation has lent almost £5 million to over 460 businesses across the South West region, creating over 700 jobs, with £1, 287,641 going to Cornish businesses.
The annual lending figures equate to more than double the value of the loans for the financial year 2013/2014 and more than triple that of 2012/2013.
SWIG Finance delivers loan finance to start up and existing businesses seeking to invest in growth which are unable to access sufficient finance from the banks. With finance sourced from central government and European funds, SWIG Finance delivers programmes including the government-backed Start Up Loan Scheme, providing free business support to would-be entrepreneurs alongside a loan.
Managing Director, John Peters is immensely proud of the figures for the last 12 months.
“We are really pleased to see in the last year that business owners are regaining confidence in the economy and seeking to invest in their businesses.
“The figures clearly demonstrate an on-going demand for finance and we hope to be able to lend even more to businesses in need of funding in the coming year.”
In the past month SWIG Finance has also reached the £5 million mark on the Small Loans for Business scheme, launched in 2009. The scheme, supported by the European Regional Development Fund for businesses with growth potential, has so far supported over 210 businesses in the region and continues to be available for applications until December 2015.