A new £200 million investment fund to support the growth of SMEs across the south west is on course to be launched in the first half of next year.
The South West Investment Fund is the first in a series of new nations and regions investment funds being launched by the British Business Bank, which will deliver a £1.6 billion commitment of new funding to drive sustainable economic growth.
The South West Investment Fund will offer a range of commercial finance options with loans from £25k to £2 million and equity investment up to £5 million.
Ken Cooper, MD of Venture Solutions at the British Business Bank, said: “The design of the South West Investment Fund builds on the success of our other regional funds. It will increase the supply and diversity of early-stage finance for smaller businesses in the region, providing finance for firms that might otherwise not receive investment and helping to break down barriers in access to finance.
“The levels of private debt lending and equity investment in the south west are significantly below what we would expect given the region’s share of the UK’s smaller business population. That’s something the new fund will tackle by backing ambitious businesses to drive sustainable economic growth.”