The Finance South West Business Loan Fund is urging businesses in need of investment to get in touch after reaching a significant milestone – it has now invested over £3 million in 58 businesses across the region.
Finance South West is an £18 million investment fund, comprising the Business Loan and Growth Funds, which can provide commercial finance from £10,000 up to £1 million for buying, starting or growing a business in the Objective Two area of the South West. The wide range of companies to benefit from investment from the Loan Fund so far include Dartington Crystal and SCL Water, in Torrington, the Blue Sea Food Company, in Paignton, Beco Batteries, in Dartmouth, The Black Farmer, in West Devon, and Conker Shoes, in Totnes.
The Business Loan Fund, managed by Enterprise Plymouth Ltd, achieved record lending in the three months to the end of September, making loans of more than £630,000, and it has now invested more than 50% of its available fund. Together with the Growth Fund, managed by YFM Venture Finance, Finance South West has invested in excess £7 million in 67 businesses across the region, helping them to secure their future. As a direct result of Finance South West activity over the last two years a further £18 million has been levered in to the region, further benefiting the South West economy.
Chris Burt, Loan Fund Manager, said: “We are of course delighted to reach this milestone of investment. We are also proud of the positive impact Finance South West has had on businesses across the South West and, as a result, the region’s economy and growth.”
Robert Seymour, Managing Director of Finance Cornwall Fund Managers Limited, which manages Finance South West Business Loan Fund, said: “We have enjoyed a hugely successful period of investment in a wide range of businesses and we look forward to meeting with many more. I would urge any business in need of investment to get in touch – we are here to help.”
Ends
Dated 29/10/07
Notes to Editors
Finance South West is an £18 million investment fund that can provide commercial finance from £10,000 up to £1 million for buying, starting or growing a business in the Objective Two area of the South West. The company also offers business planning services and mentoring through a network of qualified professionals and a panel of non-executive directors to help businesses achieve their goals. The Finance South West Loan Fund has invested over £3 million in 58 small and medium-sized businesses, levering more than £4.5 million into the South West economy, safeguarding 160 jobs and creating 98. The Finance South West Growth Fund has invested a total of £4.1 million in nine companies, levering £13.7 million into the economy, creating or safeguarding 160 jobs.
Finance South West is part funded by the EU through the Objective Two Programme for the South West and is an £18m venture investment fund targeting small and medium sized enterprises in this region with a range of equity, mezzanine and debt capital.
Finance Cornwall Fund Managers Limited is an investment company authorised and regulated by the Financial Services Authority registered in England and Wales, number 05010380, registered address 14 High Cross, Truro, Cornwall, TR1 2AJ.
For further information visit: www.financesouthwest.co.uk
Contact - PR for Finance South West
Samantha McKay, PR Manager, Formedia, on: 01752 762120 or email: samantha@formedia.co.uk |
