Loans fund passes £2M mark

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A loan programme set up for south west businesses has just passed the £2 million mark.

Small Loans for Business makes loans of up to £50k to businesses that can’t raise enough bank finance for growth and job creation.

To date it has provided 83 loans worth £2.1 million, passing the milestone with a £50k loan to Devon company Inject Plastics.

Small Loans for Business, which is managed by the South West Investment Group (SWIG), is part-funded by the Convergence programme and was launched in 2009.