South West Investment Fund launch £200 million growth fund
The £200m South West Investment Fund, aimed at fostering growth and prosperity for small businesses across the region has been launched by the British Business Bank.
The SWIF has been designed to provide much-needed funding to small and medium sized businesses across the South West, 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.
SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the British Business Bank. A total of £1.6 billion has been committed to the initiatives to drive sustainable economic growth.
Speaking at the launch, Chief Secretary to the Treasury, 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."
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.
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