Since 1992, SWIG Finance has injected over £97.6 million into local businesses across the South West.
Now, a new £17.5 million funding injection from the British Business Bank is set to expand that impact even further. SWIGs managing director, Matt Wilde, called the deal a major milestone that provides the long-term stability needed to save local jobs and back promising entrepreneurs in rural, coastal, and urban areas.
This fresh pool of capital will allow local companies to apply for growth loans ranging from £25,001 to £250,000. As a non-profit social enterprise and Community Development Finance Institution (CDFl), SWIG focuses specifically on smaller businesses that face barriers when trying to secure financing from traditional high street banks.
The agreement makes SWIG the seventh lender, and the very first in the South West, to be accredited under the British Business Bank’s Community ENABLE Funding programme. Locally rooted lenders like SWIG use their regional expertise to stimulate regional economies. This effort contributes to a broader national initiative that aims to support up to £150 million in community lending over its first two years, helping the South West business community continue to thrive.