The British Business Bank has launched a £200m 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.
The fund will increase the supply and diversity of early-stage finance for new and growing smaller businesses for various purposes, such as expansion, product or service innovation, and new processes, skills or capital equipment. It will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million.
Louis Taylor, Chief Executive of the British Business Bank, added:
“The launch of the South West Investment Fund marks an important milestone in our mission to support business growth across the UK. By identifying and addressing funding gaps in the South West, we aim to empower local businesses and unlock their true potential. This initiative will play a crucial role in catalysing economic growth, creating jobs, and fostering innovation in the region.”
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, see www.southwestinvestmentfund.co.uk.
