• Swindon & Wiltshire News
• Tuesday April 11 2023
• Author Name: Peter Davison

SWIG Finance appointed official partner of British Business Bank

Funder SWIG Finance has been appointed as an official partner of British Business Bank’s Start Up Loans scheme.

SWIG Finance will work with the Start Up Loans programme to deliver funding and support for small businesses in the South West over the next two years.

The scheme has a 10-year legacy of delivering funding at a fixed interest rate of six per cent and mentoring to recipients in their first year.

Since inception, the scheme has delivered over 8,740 loans worth more than £80 million to businesses in the region.

Start Up Loans’ impact has been particularly noticeable among individuals who might find it difficult to secure loans from traditional lenders, which has always been a priority for the scheme.

SWIG Finance shares – and will help deliver on – this ambition of providing support tailored to all demographics of in society.

SWIG Finance, which has offices in Bristol, Truro, and Exeter has worked with Start Up Loans since 2012 and has so far helped over 3,300 entrepreneurs access finance worth over £35.3 million to develop their businesses.

Richard Bearman, managing director of Start Up Loans, said: “I am delighted to announce that SWIG Finance has been successful in securing the contract for loan delivery in the South West, and will be fundamental in helping us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their economic or social background.

“We are incredibly proud of the success of the scheme since 2012 and the choice to review the partners we work with has been undertaken to offer new businesses the chance to compete for the work.

“It will ensure the scheme is working with partners that provide the best possible support to those who need it.

“In particular, our new BSPs will help us deliver our ambition of providing a market leading split 50/50 split between male/female loan recipients”.

John Peters, managing director at SWIG Finance (pictured), said: “Start Up Loans is a unique resource for start-ups and newer businesses, as it directly combines no-cost, hands-on advice with access to finance.

“It is vital that new ventures get to grips with their finances at an early stage and this is what the scheme helps to do. I’m incredibly proud that SWIG Finance has been successful in becoming the South West’s partner, and we can now look forward to supporting even more of our region’s entrepreneurs.”