SWIG Finance is delighted to announce its appointment by the British Business Bank as the South West’s dedicated Business Support Partner for the Start Up Loans Scheme.
The Start Up Loans Scheme is a UK-wide initiative to provide advice and financial support to new business owners who have been trading for less than three years, and has an emphasis on supporting individuals who might find it difficult to secure loans from traditional lenders.
SWIG has worked with the scheme since 2012 and has, so far, helped over 3,300 South West entrepreneurs with loans worth more than £35m.
Alongside funding, applicants can receive support including advice on creating business plans, guidance on cash flow forecasts, and expertise on personal survival budgets. The scheme also offers up to 12 months’ of mentoring support and access to a range of special business offers.
John Peters, Managing Director, SWIG Finance, said: “The Start Up Loans Scheme 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.”
SWIG Finance is a non-profit company that supports viable South West businesses which cannot secure sufficient funding from their bank. In 2021/22, SWIG Finance lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m.
For more information visit https://www.swigfinance.co.uk/social-impact-report-2022/