More than 350 businesses from across the South West have already expressed their interest in the new £200 million South West Investment Fund (SWIF) just weeks after its launch. The government-backed fund, which was unveiled last month by the British Business Bank, aims to increase the supply and diversity of early-stage finance for new and growing smaller businesses across the region.

It operates throughout the South West, encompassing Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset, and Wiltshire.

Since its launch in the first week of July over 350 businesses have expressed an interest in applying to the fund, and more than 300 delegates have attended a series of regional roadshows explaining what the fund is all about, and how businesses can apply via the fund’s dedicated fund managers.

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SWIF offers a diverse range of commercial finance options ranging from small loans from £25,000 to equity investments of £5 million, for companies at all stages of development. It aims to fill the gaps in available finance options in the South West and empower businesses, both those located in busy hubs and in harder-to-reach locations, to unlock their potential.

Jody Tableporter, Director of UK and Regional Funds at the British Business Bank said: “We’ve had a great reception to the funds across the South West both at our roadshows and evidenced by the interest we’re seeing from growth-minded businesses across the region. Our fund managers are reporting demand at all levels of the fund, from small loans, larger debt and equity finance, and that’s really encouraging. We look forward to announcing our first deals soon.”

One of the SWIF roadshows was held in Bournemouth and the keynote speaker was Shelley Collins-Trevett, Head of Business Growth & Inward Investment at Dorset Local Enterprise Partnership. She said: “I think Dorset businesses are going to be really excited about this fund, our job now is to get the message out there. I’m really hoping that the fund will allow us to grow, our businesses to grow, create new jobs, products and services. I also hope that it will lead to more innovation and research, and allow us to be more competitive as a county and as a South West region.”

Also attending was Adele Reynolds, Innovation and Growth Specialist at Innovate UK EDGE, who said: “It’s important to have a mix of finance opportunities for businesses across the South West region and this is an excellent addition to that mix. The right type of finance is crucial for businesses, be that a smaller loan or debt and equity finance – having a blend that businesses can access and choose is really important. I’m hoping this fund will bring more growth and innovation to the region, and ultimately bring more prosperity to the South West.”

And Paul Taylor, Business Development Manager at Dorset Chamber added: “This is a missing piece of the jigsaw for Dorset businesses, to be able to access different types of funding. This will not only help businesses get funding but enable the job market to move up and the labour market to grow, which is great news for local businesses.”

SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the British Business Bank, the government-owned business development bank. A total of £1.6 billion has been committed to the new funds to drive sustainable economic growth, which was first announced by the government in the 2021 Spending Review.

SWIF is managed by a team of four fund managers that have been appointed by the British Business Bank including SWIG Finance, FW Capital, Maven and the FSE Group.

Applications for funding are made directly to the relevant fund managers who can be contacted via the SWIF website www.southwestinvestmentfund.co.uk

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