24.02.05
SWIG Announces Major Finance Boost for Cornish Compnies

More than £2 million worth of new investment to continue the development and growth of Cornish companies is being made available thanks to the region's leading 'gap funding' provider for business.

The new £2.25 million interest-free loan fund has been secured by South West Investment Group (SWIG), and has already helped create over 1,000 jobs by delivering over £6 million of support throughout the region since starting its loan funds in 1996. It means that small and medium size enterprises across Cornwall and the Isles of Scilly that have previously been unable to raise sufficient capital from traditional sources are now being invited to apply for the new investment, delivered as interest-free loans of up to £50,000.

According to SWIG, a not-for-profit private-public sector partnership with offices in Truro and Exeter, the decision to apply to the Government Office for the South West for renewed investment was made as a result of the overwhelming demand from businesses for continuing support.

SWIG Managing Director Peter Casey said: "It was always our intention to make a continuation bid to ensure that the funds are sustainable and will benefit Cornish businesses for many years to come. Our decision to apply for a further round of investment was based on proven demand and builds on SWIG's acknowledged success. We are delighted that our efforts to raise further finance have been so well rewarded, and look forward to helping even more enterprises in the region to prosper. We urge any company that feels it may qualify for assistance to apply without delay. The sooner they gain the finance they need to support their efforts the sooner they will able to seize opportunities for profit and growth. The South West as a region has huge potential, and much of that lies in the enterprise and skills increasingly being demonstrated by its smaller firms and its entrepreneurs."

Now the region's leading provider of complementary loan finance, SWIG manages a £10 million portfolio of investment to support companies throughout the South West. This latest investment stream adds to SWIG's existing Objective One Gateway scheme, the Cornwall Business Development Funds, bringing the total amount of interest-free investment in Cornwall and the Isles of Scilly to nearly £5 million. The scheme has already invested in over 200 Cornish businesses leading to the creation of 300 new jobs. Private investment of £5 million has also been generated by the scheme to date.

SWIG Funds are delivered in collaboration with Business Link and wider business advisory networks such as financial advisers and banks through which all applications must be made.

The £2,250,000 of new investment is made up by Objective One, Cornwall County Council and SWIG's own resources. The investment is also anticipated to generate at least £3 million of matched investment from the private sector.

For further information on how to apply for investment contact South West Investment Group on Tel: 01872 223883 (Truro office) or Tel: 01392 473439 (Exeter).

*SWIG has received Objective One investment to stimulate business entrepreneurship and growth in Cornwall and the Isles of Scilly.

Editor's notes:

SWIG was formed in 1989 to access funding from public and private sector sources in order to stimulate business entrepreneurship and growth in the region.

Board members include representatives from Cornwall County Council, Devon County Council, Lloyds TSB, Barclays Bank, Cornwall Enterprise, Business Link & the Private Sector.

SWIG does not exist to compete with the banks. Its emphasis is on a business’s potential rather than its collateral, meaning it can often support ventures that fall outside the lending criteria of conventional institutions.

Clare Morgan
Media Relations Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01872 223439

cmorgan@cornwall.gov.uk

back to top