SWIG FINANCE PASSES £10 MILLION OF START UP LOANS

Date: 
17 Nov 2017
Details: 

Regional finance company SWIG Finance has passed the £10 million milestone for loans given to new businesses around the South West under the government’s Start Up Loans scheme.

The organisation, which has offices in Truro and Bristol, has supported 1,245 entrepreneurs throughout the region since the national scheme started in September 2012.

John Peters, Managing Director of SWIG Finance, said: “As one of the first Delivery Partners to join Start Up Loans five years ago, it is hugely rewarding, having reached this landmark, to reflect on the incredible amount of new entrepreneurship that the scheme has stimulated here in the South West, and the legacy that has already been created.

“Start Up Loans is a key part of the government’s strategy to encourage entrepreneurship in the UK, increase the rate of business creation and improve survival prospects. It provides the right support at the right time and is a fantastic scheme to be part of.”

SWIG Finance is part of a network of similar organisations delivering Start Up Loans nationally, and in the South West, SWIG also provides investment to established businesses looking to finance their next stage of growth.

Start Up Loans provides government- backed loans and free business support for new entrepreneurs and businesses trading for less than 2 years. It is managed nationally by the Start Up Loans Company, a subsidiary of the British Business Bank.

Joanna Hill, Interim CEO at The Start Up Loans Company, said: “The South West is brimming with small business potential, and it’s fantastic that SWIG Finance has provided £10million in funding to support the region’s start-up community.

“We’re proud to be working alongside them to ensure those keen to make their business idea a success have access to low-interest finance and mentoring support.”

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