South West Investment Group (SWIG)
Summary
SWIG was launched in 1989 and was originally a Business Angel group. With the advent of Objective One in Cornwall and Objective Two in certain other parts of the SW, the group has benefited from an injection of funding from the European Regional Development Fund (ERDF) and the SW Regional Development Agency (SWRDA). SWIG still obtains a proportion of its funding from private investors.
There are six different funds at present –
Cornwall Business Enterprise Fund
For start-ups and businesses with < 5 staff. Loans of £3k-£25k repayable 1 to 5 yrs with nil interest but 5% fee upfront.
A B C D60 E F G
Cornwall Business Growth Fund
For businesses with 5 – 250 staff. Loans of £3k-£50k repayable 1 to 5 yrs with nil interest but 10% fee upfront.
A B C D35 E F G
Business Growth Fund – for parts of Devon and West Somerset
For businesses with 5 – 250 staff. Loans of £3k-£50k repayable 1 to 5 yrs with nil interest but 10% fee upfront.
A B D35 E F G H
Rural Enterprise Fund - for parts of Devon and West Somerset
For start-ups and businesses with < 5 staff. Loans of £3k-£25k repayable 1 to 5 yrs with nil interest but 5% fee upfront.
A B D60 E F G H
Loans for Growth – West Dorset
For start-ups with <10 staff. Loans of £500-£5k repayable 1 to 3 yrs with interest at 5% over base rate.
A B D50 I J
The Phoenix Development Fund
Unlike the above funds which are geographically demarcated and partly financed by Europe, the Phoenix fund is financed solely by the Treasury and can be applied ‘in areas of disadvantage throughout the South West’. Aimed at businesses which have been trading for < 12 months. Loans of £2k-£20k repayable 1 to 5 yrs with interest at 5% over base rate, plus 1% fee upfront.
B D50 E G(with flexibility) K
Code
A – must demonstrate capacity to create jobs
B – finance available only if traditional funding cannot be obtained for the entire cost
C – priority is given to certain sectors but this does not necessarily exclude others
D - up to % shown of project will be funded – balance has to be provided by another source e.g. bank, personal savings
E – applications must be submitted through an approved business adviser (such as The Mill Consultancy) – this will include a business plan
F – applicants must discuss the environmental and equal opportunities impact of the proposal, and identify current and future ICT requirements
G – allowable expenditure includes capital equipment, marketing costs, consultancy costs, cost of services (e.g. software), purchase or adaptation of buildings
H – eligible sectors include manufacturing; service businesses generating the majority of their revenue outside the region
I – eligible sectors include engineering, ICT, tourism, environmental technologies, food and drink, retail and agricultural support
J - allowable expenditure includes capital equipment, marketing costs, other growth related investment
K – all sectors considered except transport, agriculture, fisheries, coal and steel