1.3.2009
Finance for Business (South West Investment Group Ltd)
Finance for Business is part of a region-wide initiative, the South West Loans Fund, which is supervised by the South West Investment Group Ltd. Uniquely in Cornwall it has received investment from the ERDF Convergence Programme and the South West Regional Development Fund to extend its work.
The fund provides Small Loans for Business (up to £50,000) and Finance for Business (up to £250,000) focussing on businesses which have growth potential but have not been able to secure all their finance requirements from the private sector.
The main objective of this investment is to stimulate the creation, growth and development of qualifying small and medium sized enterprises in the South West, including Cornwall and the Isles of Scilly.
Finance for business receives £3,750,000 in ERDF Convergence investment and £1,250,000 from the South West RDA
"I am really pleased that the European Regional Development Fund Programmes (Convergence in Cornwall and the Isles of Scilly) and the RDA have agreed to provide these funds, particularly in this difficult financial environment. Everyone has really pulled the stops out to make this happen. The fund is targeted at those businesses which have the potential to make a real economic difference to the South West through their growth prospects - importantly this is not a 'bail out' fund" John Berry, Executive Director, SWIG Capital
"This is good news for Cornwall's and Scilly's businesses. Viable and growing companies throughout the area need help accessing finance. This Fund will go some way towards alleviating these problems."Stephen Peacock, Executive Director of Enterprise and Innovation, South West Regional Development Agency
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