South West funder named official partner of British Business Bank

South West Funder SWIG Finance has been appointed official partner of the British Business Bank in the region.

The British Business Bank, has announced its new Business Support Partners (BSPs) – three national partners and a number of regional support partners.

The new appointments will work with the Start Up Loans programme to deliver funding and support for small businesses across the UK 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 its inception, the scheme has delivered over 100,000 loans worth more than £960m  to businesses and its delivery partners (now renamed as Business Support Partners) have always 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.

Richard Bearman, managing director, Start Up Loans, said: “I am delighted to share the first phase of our newly appointed BSPs, who will help us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their location, economic circumstances 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 50/50 split between male/female loan recipients”.

SWIG has worked with the Start Up Loans Scheme since 2012 and has so far helped over 3,300 South West entrepreneurs with loans worth more than £35m.

John Peters, managing director of SWIG Finance, 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.”