SWIG Finance, the non-profit company that supports viable South West businesses that cannot secure sufficient funding from their bank, has become the new regional business support partner for Start Up Loans.
SWIG will work with the programme to deliver funding and support to help unlock the potential of small businesses in the South West over the next two years. 
The Start Up Loans scheme, which is part of the British Business Bank, has a 10-year track record of delivering funding at a fixed interest rate of 6% along with mentoring to recipients in their first year.
Since inception it has delivered nearly 8,750 loans worth more than £80m to businesses in the South West – with its delivery partners (now renamed as business support partners) have been critical to its success.
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, Exeter, and Truro, has worked with Start Up Loans since 2012 and has so far helped 3,300-plus entrepreneurs access finance worth more than £35.3m to develop their businesses.
Start Up Loans managing director Richard Bearman 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 business support partners will help us deliver our ambition of providing a market leading split 50/50 split between male/female loan recipients.”
SWIG Finance managing director John Peters added: “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.”
SWIG Finance, part of the regional alternative finance lender South West Investment Group, lent £10.8m to 502 businesses in 2021/22, helping create and secure more than 1,000 jobs and generate £32.3m.
