SWIG Finance can turn your business dreams into reality
Whether you're starting a new business or looking to expand, you will usually get to a point where finding some funding will become a necessity. And when it comes to getting hold of some much-needed capital, loans can be one avenue to look into.
However, the problem isn’t so much finding a loan company, the issue is tracking one down that will be a good fit for you. Well, now you can relax because SWIG Finance is one loan organisation that has various different loan options – depending on what stage you’re at.
Based throughout the South West; with offices in Bristol, Exeter and Cornwall – SWIG’s friendly team of finance gurus have all the knowledge and expertise to help guide you and your business in the right direction. They have four types of loan on offer, this article will examine each one and hopefully give you a bit more insight into what option is best for you.
Start-up loans
As the name suggests, a Start-up Loan is for new businesses and is available to anyone that has a viable business idea but can’t get hold of any finance. Start-up loans are provided by the British Business Bank - the UK’s government-funded development bank - and SWIG distributes them for BBB in the South West.
Applicants can include companies that are yet to launch, as well as those that have been trading for up to three years. Loan amounts can be between £500-£25,000 per applicant (and a business with more than one owner/director can have more than one applicant), payable over 1 to 5 years at a fixed rate of 6% per annum, and applicants must be aged 18 or over at the time of application. As part of the process, a credit check will also be completed. To find out more, head over to: https://www.swigfinance.co.uk/
Business loans
This loan option is for businesses that have already been trading for two years or more, and now wish to grow. To be eligible, you must be operating within the South West; be a limited company, and obtaining the finance for working capital or growth (e.g. equipment). If this sounds relevant to you, head over to: https://www.swigfinance.co.uk/business-loans/
Smaller loans via the South West Investment Fund (SWIF)
Another small loan avenue that’s available to entrepreneurs who are looking to start a new business, or for companies wanting to expand and just can’t seem to find easy access to funding, is through the BBB’s South West Investment Fund (SWIF). Covering the entire South West region – the fund covers a range of commercial finance options – with the Smaller Loans category of £25,000-£100k being open to limited companies. SWIG Finance is the appointed Fund Manager for the Smaller Loans across the South West. You can find out more here: https://www.swigfinance.co.uk/wp-content/uploads/2023/07/Find-out-more.pdf
Recovery loans
If your company was affected by the Covid-19 pandemic, then this particular loan could help get your business back up and running. Loans from £25,001 to £250,000 are available to support the recovery and growth of SMEs. As with all types of loans, there will be standard credit and fraud checks undertaken during the application process. Check out more here: https://www.swigfinance.co.uk/recovery-loan-scheme/.
If you need access to broader advice and support for your business then it’s worth looking at the Heart of the South West Growth Hub, which is a LEP-funded (voluntary partnerships between local authorities and businesses) service that can help you access a wide range of free business advice for startups and established businesses – covering Devon and Somerset. Visit https://www.heartofswgrowthhub.co.uk/ to find out more.