Last week we hosted our first Deep Dive webinar into artificial intelligence and we would like to thank Alister Jones (Transparity), Chris Weavill (Hertzian), Amy Ralston…
Thursday 6 July saw the launch of the South West Investment Fund (SWIF). This post gives some background to the fund which will “will increase the supply and diversity of early-stage finance for new and growing smaller businesses for various purposes, such as expansion, product or service innovation, and new processes, skills or capital equipment.”
SWIF is a £200 million investment fund to support the growth of small and medium-sized businesses across the South West of England. It was first announced in UK Government’s Spending Review 2021.
The South West Investment Fund will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million.
The new fund will:
- cover the entire South West region including Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset and Wiltshire
- be split roughly 50/50 between two zones. One zone is Cornwall and Isles of Scilly, Heart of the South West LEP (Devon and part of Somerset) areas and Dorset. The other zone consists of Bristol, Gloucestershire, the rest of Somerset and Wiltshire
- be delivered through intermediaries (see further below) and not directly by British Business Bank
- be delivered as smaller loans (£25k to £100k) and debt finance (£100K to £2m) and equity
The creation of the fund follows successes in other geographic areas with similar interventions – the Northern Powerhouse Investment Fund (NPIF) and Midlands Engine Investment Fund (MEIF) and the EU funded Cornwall and Isles of Scilly Investment Fund (CIoSIF).
Businesses based in the region or are carrying out a significant level of activity in the South West can apply for SWIF funding. These businesses include startups, early-stage businesses and those with expansion or growth plans.
Who will be delivering the fund?
SWIF will be managed by the following fund managers:
|Cornwall and IOS, Heart of the South West LEP (Devon and part of Somerset) areas and Dorset
|Bristol, Gloucestershire, part of Somerset and Wiltshire|
|Smaller loans (£25k to £100k)||South West Investment Group
|Debt finance (£100k to £2m) and equity||FSE Group||FW Capital and Maven|
Applications for funding are made directly to the relevant fund managers.
More information on the SWIF can found at British Business Bank webpage dedicated to the fund.
And you can attend event(s) hosted by SWIF across the next 2 weeks:
- St Austell, Eden Project – Tuesday 11 July 15:00-17:15
- Exeter, Exeter Science Park – Wednesday 12 July 14:30-16:45
- Bournemouth, The Nici Hotel – Thursday 13 July 09:30-11:45
- Swindon, Swindon Town Football Club – Thursday 13 July 16:00-18:15
You can book a place at these events by following the link above.
PKF Francis Clark
We have been eagerly awaiting the launch of SWIF and will be keeping in touch with the British Business Bank and the fund managers to get more of the detail – and we will continue to keep you informed.
We are also exploring the potential for British Business Bank and the fund managers to present at one of our Deep Dive webinars – watch this space!