A new chairman has been appointed to the delivery arm of the South West Investment Group (SWIG) – the regional body overseeing Government-funded loan finance to companies that have struggled to attract conventional bank funding.
David Savill, a business services partner at South West accountants Bishop Fleming, takes over as chairman of SWIG Services having served as a SWIG director since 2009. He also chairs the company‘s credit panel which sanctions SWIG lending decisions.
SWIG Services, the fund management and delivery arm for SWIG, has already provided more than £10m to 1,000-plus small businesses and start-ups.
Mr Savill said: “These are difficult times for the South West‘s small businesses with big growth potential. Those businesses are finding it hard to secure conventional bank funding, so the SWIG initiative is a crucial way of helping to fill that gap.”
SWIG is a charter member of the Community Development Finance Association (CDFA), and its lead member in the South West.
Mr Savill added: “At a time when conventional lenders are reluctant to provide funds to small or new companies, and those engaged in new sectors, SWIG is a crucial channel for government investment in those businesses that have the scope to deliver the growth and employment for the South West‘s recovery from recession."
Pictured: Bishop Fleming‘s David Savill, left, with SWIG managing director Peter Casey.
Information on the SWIG‘s role and available funds is available at its website: www.southwestinvestmentgroup.co.uk.
