On the 6th July the British Business Bank launched the £200 million South West Investment Fund aimed at fostering growth and prosperity for small businesses across the South West of England.
The South West Investment Fund (SWIF) will provide much-needed funding to small and medium sized businesses across the whole South West region, covering Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset, and Wiltshire.
SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the British Business Bank, the government-owned business development bank. A total of £1.6 billion has been committed to the new funds to drive sustainable economic growth, which was first announced by the government in the 2021 Spending Review.
Selaine Saxby, MP for North Devon, said:
“We know that small and medium sized business are a fantastic engine for growth and here in North Devon we have many innovative businesses providing a variety of local jobs. I hope that this fund will support more businesses as we grow our rural economy.”
Chief Secretary to the Treasury, The Rt Hon John Glen MP and Member of Parliament for Salisbury said:
“The South West is home to some of the most creative, innovative and exciting businesses this country has to offer. This fund will deliver vital investment to nourish that potential, building on over £300 million of levelling up funding to grow the local economy and create well-paid jobs across the region.”
The £200m fund has been warmly welcomed by South West business leaders.
Phil Smith, Managing Director of Business West, part of South West Chambers of Commerce which represents businesses throughout the region, said:
“Small businesses across the South West tell us there is a real need for more supply and diversity of early-stage finance and this new fund from the British Business Bank will be welcomed because it breaks down barriers and creates more opportunities for growth and innovation.”
SWIF will be managed by a team of four fund managers that have been appointed by the British Business Bank including SWIG Finance, FW Capital, Maven and the FSE Group.
SWIG Finance will manage the smaller loans part of the fund, from £25,000 to £100,000, for the whole South West. FW Capital and Maven will manage the debt (£100k to £2m) and equity (up to £5m) funds respectively for the north of the region. The FSE Group will manage both debt and equity for the South of the region.
Applications for funding are made directly to the relevant fund managers who can be contacted via the SWIF website www.southwestinvestmentfund.co.uk.
