SWIG secures £10m boost to help small businesses across South West

Investment group SWIG Finance has secured a capital injection of £10 million from Triodos Bank UK and Better Society Capital (BSC) through the second phase of the Community Investment Enterprise Fund (CIEF).  

The £10 million facility enables SWIG Finance to support more micro and small businesses in the South and West Country.  

Small businesses across the region report finding finance a key challenge. Community Development Finance Institutions (CDFIs) like SWIG Finance are designed to support small businesses that may not be able to secure funding from mainstream lenders. The keystone investment will significantly increase the funds available for lending to underserved businesses. 

This funding forms a part of a larger, now £72 million investment initiative, aimed at supporting micro and small businesses (MSMEs) across England and Wales.

The fund is managed by Social Investment Scotland and deployed via a network of regional CDFIs including SWIG Finance, Finance For Enterprise, BCRS Business Loans, and Business Enterprise Fund.  

Triodos Bank UK’s participation marks a significant commitment to fostering sustainable business practices and regional development, particularly amongst disadvantaged communities. 

Within this investment framework, SWIG Finance has secured the £10 million allocation for deployment across the South and West Country. 

John Peters, SWIG Finance Managing Director said, “We are delighted to join in the delivery of such a successful and important fund. SWIG Finance will help to expand its geographical reach into the South and West Country and support many more underserved smaller businesses.”    

Chris Jamieson, Head of Investments at Social Investment Scotland, added: “This funding has the potential to make a huge difference to people’s lives and livelihoods, at a time when many are still struggling with the cost of living and volatile economic conditions. It is great to welcome SWIG Finance on board as the fourth CDFI to support the rollout of the fund, helping to ensure capital reaches the people and communities who need it most.” 

Victoria Crisp, Investment Director at Better Society Capital added “At Better Society Capital we recognise the role micro and small businesses play in supporting local economies, especially those in underserved areas, creating jobs and improving lives. However, we are acutely aware of the challenges they face when trying to access finance. We are pleased to see our investment in CIEF reaching local businesses via SWIG finance, helping to support regional development in the South and West Country”. 

John Sharpe, Senior Relationship Manager, Triodos Bank UK: “This lending builds on our ongoing partnership with SWIG and other CDFIs, with a shared understanding of the power of finance to unlocking entrepreneurial opportunity, job creation and business and social enterprise growth. Through this specialist wholesale lending CDFIs can provide smaller, unsecured loans that we would not always be able to provide through our standard SME lending. Given we are headquartered in the South West, we are pleased to be able to support growing businesses in this region to help them fulfil their potential.”