A Bristol creative education firm has become one of the first businesses to benefit from a new £200m regional investment fund.
Screenology, which offers practical filmmaking degrees, has received a £95,000 loan from the South West Investment Fund to fund the launch of a new course.
The firm was set up in 2015 by film director Tom Brereton Downs, pictured, to offer a unique creative filmmaking programme.
Having launched with just 14 students on the books, within just four years the number had reached 140.
But then the pandemic struck. Screenology was hit hard and Tom needed to find a way to develop his programme.
He applied for a £95,000 loan through South West Investment Fund’s manager SWIG Finance to set up a new course – an MA in Creative Practice.
Launching in January, the course brings together musicians, artists, filmmakers and more to develop their creative careers. There are also opportunities to collaborate on projects.
It will also create three jobs at Screenology, which has an existing team of 19.
Tom said: “It’s the first time since the pandemic that we’ve got this sense of possibility back. It’s really uplifted everyone.”
Tom, who contacted other lenders before finding out about the South West Investment Fund, added: “What I liked about this loan scheme was that you weren’t dealing with an algorithm – you get to talk to actual human beings.
“It was also helpful for us just to go through the application process. It makes you look to the future and where you’re at, in general.
“It’s easy to get caught up in the panic when it comes to looking at the big picture, but you need to as an entrepreneur.”
Meanwhile another Bristol-based business, which wishes to remain anonymous, has received a £500,000 growth loan from South West Investment Fund manager FW Capita.
FW Capital fund manager David Goodhall said after a very strong level of interest in the fund, he was delighted to complete the first deal under the debt finance element of the South West Investment Fund.
The £500,000 loan to the business, described only as “fast growing” will allow it to accelerate its expansion plans considerably.
“The pipeline of inquiries is very positive across the region, highlighting how the fund can make a real difference,” David added.
“We are working on transactions in a wide range of sectors and welcome approaches from any business where they feel we may be able to support.”
The government-backed South West Investment Fund was launched in July by the British Business Bank to boost the supply of finance to small and medium-sized businesses throughout the South West.
It has since completed its first equity investment – £500,000 in tech-led commercial waste and recycling business Binit – as well as a range of debt funding deals from £26,000 up to £500,000.
SWIG Finance managing director John Peters said the fund was already having a positive impact.
“We’re continuing to experience high demand and want to support as many viable small businesses as we can, from all corners and communities in our region,” he said.
The South West Investment Fund was the first in a series of six new Nations and Regions Investment Funds to be launched by the British Business Bank, the government-owned business development bank.
The fund is managed by a team of four fund managers appointed by the British Business Bank – SWIG Finance, FW Capital, Maven and the FSE Group.
