New loan fund launched

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A new £1.2 million fund has launched which will allow business owners across the south west access to loans of up to £100k.

Provided through the Community Development Finance Association (CDFA) as part of a national scheme, the fund is being delivered in Cornwall and the south west by SWIG (South West Investment Group).

John Peters, managing director of Truro-based SWIG, said: “We’re really pleased to be delivering this fund in the south west and believe it will make a vital difference to those businesses out there that have real potential but need that bit of extra support.”

With funding provided by the Government’s Regional Growth Fund with match-funding in the south west by Lloyds Bank, the fund aims to stimulate growth and prosperity in the local economy with a focus on job creation or safeguarding.

Chris Wheeler, commercial manager, Lloyds Bank Commercial Banking, added: “I am delighted that this funding will provide vital support to SME businesses right across the south west.

“Together, the RGF grant and the bank’s matched funding loan of £600k will make a real difference in the region.”

The funding is available to both start up and established businesses with growth potential which have been unsuccessful in accessing sufficient funds from traditional sources.

Available to most sectors, including those ineligible for European Funding, loan amounts will start from £10k to £100k with an average loan of £30k over three years.