A new loan fund for growing businesses in Cornwall and the Isles of Scilly has been launched by SWIG Finance.

Loans of £25k to £100k are available for companies investing in their business growth but need more than they can raise from the banks and other sources.

The new fund is open for applications until next June.

The chief executive of Cornwall Chamber of Commerce and founder of Cornwall Lenders’ Forum, Kim Conchie, believes this funding is vital to the continued growth of Cornwall’s economy.

“Cornwall and the Isles of Scilly’s businesses need to have the confidence of backers to invest in growth,” he said, “particularly during these uncertain times.

“The release of these funds from SWIG Finance comes at a crucial time and is of huge benefit to the local business community, which may otherwise have been unable to access the funds they need to fulfil their growth ambitions.”

SWIG Finance MD, John Peters, added: “It is really great news that we have got this fund off the ground which is specifically for Cornish businesses. It is our philosophy to work with the banks and other funders to ensure that local firms get the investment they need to prosper.

“We already have a strong demand for this fund and are encouraging ambitious businesses to get in touch without delay.”