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Loan fund appoints new Fund Managers
23 September 2009
A £10 million investment fund to help South West businesses has
announced the appointment of new Fund Managers.
The South West Loans Fund, which was set up by the South West
RDA (Regional Development Agency) in April, has named SWIG (South
West Investment Group) Services and Finance Cornwall Fund Managers
Ltd as its permanent Fund Managers.
The appointments follow an interim six-month arrangement which
saw the Fund managed by YFM Group. The new contracts will last
until December 2015.
SWIG Services will manage small loans of up to £50,000, and
Finance Cornwall Fund Managers will manage loans from £50,000 up to
£250,000, under the brand name Ascendant Ventures.
Stephen Peacock, Executive Director of Enterprise and Innovation
at the South West RDA, said: "We're delighted to have appointed
such experienced regional fund managers to help viable businesses
access investment through the South West Loans Fund. Securing
growth finance is still an issue for many businesses and we hope
that having two fund managers will accelerate the pace of
investment."
The South West Loans Fund is overseen by South West Investment
Group (Capital) Ltd whose Executive Director John Berry said: "The
fund continues to see strong demand with over £1m of investment now
approved for a range of businesses across the South West. I would
like to thank YFM Group for their excellent work in getting
everything up and running so well."
The South West Loans Fund is funded by the RDA (£3.75m) and the
European Regional Development Fund through the ERDF Convergence
Programme in Cornwall and the Isles of Scilly (£3.75m) and the ERDF
Competiveness Programme for the rest of the region (£2.5m). It
delivers two of the government-funded Solutions for Business
products: 'Small Loans for Business' and 'Finance for Business'
loans for the whole of the South West of England.
Carleen Kelemen, director of the Convergence Partnership Office,
said: "These are unprecedented and challenging economic climes.
In today's post credit crunch economy, the availability and cost
of credit are very different since 2008. Financial instruments play
a key role in economic regeneration and this loan fund is one of a
number of business support Convergence products to assist higher
value growth businesses."
Peter Casey, Managing Director of SWIG Services said: "SWIG
Services has an unparalleled track record in delivering gap loan
finance to firms in the South West. We are keenly aware of the
market demand for this Fund which will secure the package many
local firms need for growth and I am delighted that we will be able
to help fulfil that demand going forward."
Robert Seymour, Managing Director of Finance Cornwall Fund
Managers said: "The South West Loans Fund is an important
initiative to support growth-oriented SMEs in the South West and
full credit must to be given to South West RDA and South West
Investment Group (Capital) in establishing this valuable source of
funding for SMEs. I am delighted that Finance Cornwall Fund
Managers has been selected as fund manager and look forward to
delivering our part of the fund as Ascendant Ventures in
partnership with Business Link and other delivery agencies."
Since it was launched the South West Loans Fund has received
more than 270 enquires and over 80 applications have or are being
progressed.
Businesses interested in funding out more about the loan fund
should contact Business Link on 0845 600 9966 or visit
http://www.businesslink.gov.uk/southwest/.
Ends
For more information contact Jason Clark, on 01208-77900 or via
jason.clark@dca-pr.co.uk
Notes to Editors
1. The South West RDA leads the development of a sustainable
economy, investing to unlock the region's business potential. It
works in partnership with public, private and social purpose
organisations to drive up the region's productivity by giving
people the skills they need, encouraging enterprise, improving
infrastructure, regenerating places, and promoting the strengths of
the region.
2. South West Investment Group (Capital) Ltd is a subsidiary
company of South West Investment Group Limited a company limited by
guarantee. It is a Fund holding company and was selected by the
South West RDA in March this year, after competitive tender
process, to operate the South West Loans Fund.
3. South West Investment Group (Services) Limited is another
subsidiary company of South West Investment Group Limited and is a
Fund Management company which operates independently of to its
sister company SWIG Capital; with separate directors, staff and
control systems.
4. SWIG Services is a not-for-profit company established in 1989
which has managed over £10m of investments in more than 650
businesses across the region to help them start or expand their
operations. This has been possible with support from a number of
local authorities throughout the region, including Cornwall Council
and Devon County Council, the Objective 1 and 2 European
programmes, the Phoenix Fund, the Single Regeneration Budget and
Lloyds and Barclays Bank.
5. Set up in 2004, Finance Cornwall Fund Managers delivered
investment for both Finance Cornwall, the £20 million venture
capital and loan fund backed by Objective 1, Cornwall Council and
Barclays Bank and covering Cornwall and the Isles of Scilly, and
for Finance South West, the £18 million venture capital and loan
fund backed by Objective 2, Barclays Bank and Finance Cornwall and
covering Devon, Somerset and Bristol. Finance Cornwall invested
more than £18 million in 135 businesses and Finance South West £15
million in 107 businesses in the region, safeguarding a significant
number of permanent jobs, supporting the creation of new jobs, and
drawing in a large amount of additional investment in the
region.