South West Investment Group
Finance for Business is part of a region-wide initiative, the South West Loans Fund, which is supervised by the South West Investment Group Ltd.
Uniquely in Cornwall it received investment from the ERDF Convergence Programme and the South West Regional Development Fund to extend its work.
Ensuring that sufficient credit or liquidity within the financial markets is recognised by individuals and businesses alike in the current economic climate. Improving the availability and access to finance has been recognised internationally as a policy priority leading to the UK Government and the European Commission establishing measures to generate solutions to the shortage of available credit.
The fund provides Small Loans for Business (up to £50,000) and Finance for Business (up to £250,000) focusing on businesses which have growth potential but have not been able to secure all their finance requirements from the private sector.
The main objective of this investment is to stimulate the creation, growth and development of qualifying small and medium sized enterprises in the South West, including Cornwall and the Isles of Scilly.
Small Loans for Business.
The provision of “last resort” lending - that is, the provision of enterprise funding of up to £50,000 to entrepreneurs from disadvantaged groups or communities for viable business propositions where the business is unable to secure all their finance needs from mainstream sources.
- Objectives - The Small Loan Fund has as its main objective the placing of successful commercial investments that stimulate creation, growth and development of qualifying SMEs.
- Size of Fund - The total capital allocated to be invested via small loans will be up to £1,000,000 for each of the Convergence and Competitiveness areas.
- Size of loans offered - Loans will be available up to £50,000 to SMEs depending upon the nature and risk of the business and the scale of the project being proposed.
- Categories of businesses supported - The Fund will be for supporting the creation and expansion of growth and growth potential SMEs in the South West of England.
Finance for Business.
The provision of debt support of up to £250,000 to small and medium sized businesses unable to raise finance on the commercial market but having viable business plans.
- Objectives - The Loan Fund has as its main objective the placing of successful commercial investments that stimulate creation, growth and development of qualifying SMEs.
- Size of Fund - The total capital allocated to be invested via Finance for Business will be up to £4,000,000 for each of the Convergence and Competitiveness areas.
Size of loans offered - Loans will be available up to £250,000 to SMEs depending upon the nature and risk of the business and scale of the project being proposed.