• Swindon & Wiltshire Support
• Monday July 22 2024
• Author Name: Peter Davison

South West businesses benefit from £11 million of loans in the past year

More than £11 million of loans have been given to South West businesses in the past financial year by the British Business Bank, according to figures released today (Monday).

The start-up loans have been supported 874 businesses and were granted via the Bank’s appointed business support partners – primarily SWIG Finance in the South West.

Spread across the region, the diverse range of businesses includes an animal therapist, mobile cocktail bar, baker, green builder, photographer, sewing café and ceramics studio.

Richard Bearman, manging director, small business lending at the British Business Bank said: “We’re delighted that the Start Up Loans programme continues to have such a hugely positive impact on entrepreneurs across the South West, helping hundreds of small businesses in the past year.

“Hitting £11 million is a huge milestone and highlights the success of our efforts to boost access to finance across the region.”

The programme has a 12-year legacy of delivering funding to businesses that may otherwise find it difficult to secure loans from traditional lenders.

Start Up Loans, through its partnerships, also offers mentoring to recipients in their first year.

Since its inception in 2012, the programme has supported over 9,000 businesses through £90 million in loans in the South West.

‘Securing this finance has meant everything to us’

One of the businesses to benefit is BKW CrossFit, a new community-based gym in East Bristol, set up by a group of four friends.

The group – Adam Facey, his partner Raquel Sanjurjo Doval, and friends Holly Hawkins and Hayden Cotton – came together in 2022 after meeting at the gym and bonding over their mutual love of fitness.

They all believed they could build upon the community aspect of CrossFit and acquire a space that allowed for socialising after training.

In 2023, the friends took the plunge and each took out a Start Up Loan, amounting to £60,000 between them, via British Business Bank delivery partner BizBritain.

The gym opened in March 2024 and its key focus is to create a strong sense of community with a family-oriented feel. Thanks to the finance they received, they were able to secure a unit with a mezzanine level which could be used as a place for people to meet fellow gym users.

They kitted out the space with a children’s area, TVs, sofas, and free coffee. This means that at BKW CrossFit, parents don’t need to leave their children behind when working out.

The team are continuing to focus on breaking down barriers to fitness by hosting mum and baby classes as well as social events in which children can take part, like Easter Egg hunts, with food and music around classes. They are also hosting classes specifically aimed at children from ages six to 10 and 11 to 16.

“Securing this finance has meant everything to us,” said Adam.

“We wanted a trusted loan provider that looked at the business plan, not just at the potential profit behind it. It’s given us the opportunity to purchase all of the equipment instead of renting it and to be able to secure a big unit in the location we wanted.”

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