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SWIG Finance announces 'record breaking year' in latest impact report

SWIG Finance, which has offices in Truro, Exeter and Bristol, said over £14m was provided to SMEs across the South west

SWIG Finance announces 'record breaking year' in latest impact report(Image: Getty Images)

The South West Investment Group (SWIG Finance) said it has enjoyed "another record-breaking" year of impact lending.

SWIG Finance, which has offices in Truro, Exeter and Bristol, published its annual Impact Report for 2022/23. The report revealed over £14m funding was provided by SWIG for SMEs across the South West, many of which were not able to source funding from mainstream providers. This represents over £44m of impact value.

In 2022/23, SWIG Finance beat its previous activity levels by providing 559 loans worth £14m to 478 start-ups and growing SMEs throughout the region.

This lending, it said, helped create and safeguard 1,482 jobs within established small businesses, and a further 414 new start-ups were created. The combined economic benefit generated by the lending created more than £44m; this number was generated through the CDFI Economic Impact Tool.

Read more: British Business Bank launches South West Investment Fund

Throughout this financial year businesses had to contend with challenges including rising energy prices and other input prices, staff shortages, and higher interest rates. SWIG said that business confidence declined throughout the year but was able to help a "record number" of small businesses with financing.

SWIG provided 40% of lending to entrepreneurs creating new businesses and 53% to established SMEs to support growth and productivity.

SWIG’s managing director, John Peters, commented: “I’m proud that we have supported so many remarkable entrepreneurs and small business owners. These resilient, determined, and creative people are building enterprises that are not just surviving but often thriving – and making a positive difference to their local communities, even in these difficult times”.