Multi-million pound investment fund introduced for South West

The £200 million fund has received a positive reception from business leaders in the region

It's hoped the money will help small businesses in the region thrive
Author: Nissrine OuazroutiPublished 6th Jul 2023
Last updated 7th Jul 2023

An event has been held to launch a £200 million South West Investment Fund (SWIF).

The initiative from the British Business Bank is meant to foster growth and prosperity among small businesses in the South West of England.

The SWIF will provide necessary funding to small and medium sized businesses across the whole South West region, covering Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset, and Wiltshire.

Chief Secretary to the Treasury, The Rt Hon John Glen MP and Member of Parliament for Salisbury said: “The South West is home to some of the most creative, innovative and exciting businesses this country has to offer."

The funding will cater to the needs of small businesses such as expansion, product or service innovation, and new processes, skills or capital equipment.

The loans will vary from £25,000 to £2 million and equity investment up to £5 million.

SWIF marks the inaugural instalment among six upcoming Nations and Regions Investment Funds introduced by the government-owned business development bank.

The funding of £1.6 billion across these funds demonstrates the government's commitment, as announced in the 2021 Spending Review, to foster sustainable economic growth.

Louis Taylor, Chief Executive of the British Business Bank, said: "The launch of the South West Investment Fund marks an important milestone in our mission to support business growth across the UK.

This initiative will play a crucial role in catalysing economic growth, creating jobs, and fostering innovation in the region."

Bristol-based Collective Designs UK has benefitted from the funding.

The start-up business was established by Stevie two years ago, but he turned to the British Business Bank programme to support his financial needs.

“When I was looking at accessing finance, the British Business Bank programme came highly recommended when I did my research into funding for small businesses," he said.

"They were also referred to me by the Federation of Small Businesses,” Stevie adds.

Others to have benefitted include Holly Stidston and Chris Heale in Devon, who run Nomad Creations.

The pair left behind careers in the military to set up a business making bespoke campervans.

“Thanks to that extra funding, we’re now thriving, and we can buy the second van while we’re working on the current one. It’s kept the cash flow moving and everything ticking over,” Holly said.

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