Start Up Loans, part of the British Business Bank, has today announced SWIG Finance as the new regional Business Support Partner (BSPs) for the scheme.
The new appointment will work with the Start Up Loans programme to deliver funding and support for small businesses in the south west over the next two years.
The scheme has a ten-year legacy of delivering funding at a fixed interest rate of 6% and mentoring to recipients in their first year. Since inception, the scheme has delivered over 8,740 loans worth more than £80 million to businesses in the region, and its delivery partners (now renamed as Business Support Partners) have always been critical to its success.
Start Up Loans’ impact has been particularly noticeable among individuals who might find it difficult to secure loans from traditional lenders, which has always been a priority for the scheme.
SWIG Finance, which has offices in Truro, Exeter, and Bristol, has worked with Start Up Loans since 2012 and has so far helped over 3,300 entrepreneurs access finance worth over £35.3 million to develop their businesses.
Richard Bearman, MD, Start Up Loans, said: “I am delighted to announce that SWIG Finance has been successful in securing the contract for loan delivery in the south west, and will be fundamental in helping us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their economic or social background.”
SWIG Finance MD, John Peters, added: “Start Up Loans is a unique resource for start-ups and newer businesses, as it directly combines no-cost, hands-on advice with access to finance. It is vital that new ventures get to grips with their finances at an early stage and this is what the scheme helps to do.
“I’m incredibly proud that SWIG Finance has been successful in becoming the south west’s partner, and we can now look forward to supporting even more of our region’s entrepreneurs.”