Small and medium sized enterprises in the South West of England were among the fastest growing exporters in the UK, with exports rising to over £20 billion in 2018. In addition, over 100,000 businesses are expanding to ensure they can meet the demand for quality British goods. This means there are a rising number of businesses within the South West of England who are looking for funding to facilitate growth. With funding from the banks becoming more difficult to access, we take a look at the alternative business finance available to businesses in the South West region.
South West business loans
The South West offers a variety of local funding options, including its own peer-to-peer lending platform. Let's take a look at some of the main contenders:
Fleximize – A range of flexible SME business loans are available from this pioneering lender. If you're a limited company or LLP, you can apply for loan of £5,000 – £500,000 via a quick and easy online application process. The swift decision-making process helps SME owners get on with building their business, with money often deposited within 48 hours of submitting a quick online application.
Folk2Folk – Originating in the South West as a way for investors to support their local business community, this peer-to-peer lender offers loans of up to £5 million. These days anyone around the country can become a lender or borrow through the UK’s sixth-biggest P2P platform, which has provided more than £280 million in P2P loans to business owners. The organisation also has high street offices across the South West so customers can have face-to-face meetings.
South West Investment Group (SWIG) Finance – SWIG Finance are a Start Up Loans provider offering new and early stage business owners between £500 and £25,000 of funding. Interest rates are fixed at 6% and all loan recipients also benefit from 12 months of free mentoring and access to a wide range of business offers. SWIG Finance are also Enterprise Finance Guarantee accredited.
Outset Finance - This is another Start Up Loans scheme provider, offering businesses that have operating for less than two years between £500 to £25,000 of finance at a fixed rate of 6%. Outset Cornwall also provides business support in the form of workshops, one-to-one mentoring, and an online platform where business owners can access additional workshops.
Business West – This Start Up Loans provider offers loans to new businesses trading for less than 24 months who have having trouble accessing sufficient funding for their business. Eligible businesses are able to apply for loans between £500 and £25,000. Mentoring is also provided.
Fair Finance - Business loans are available to UK SMEs and range from £10,000 to £30,000 from six to 36 months. Small and micro-businesses are able to apply, along with self-employed entrepreneurs struggling to access finance at affordable rates.
For more information on other finance options around the UK, take a look at our Startup Guide to Business Funding, or Guide to Alternative Finance. You can also take a look at the latest list of Start Up Loans delivery partners in the South West here.
Apply for a business loan today
If you have any questions about small business loans, call Fleximize on 020 7100 0110. Our experienced team is here to help you find the right finance for your SME, and provide an affordable loan that'll take your enterprise to the next level. Click on Apply Now to get the process started.
Caroline Newling-Ward approached Fleximize in 2017 for a small business loan to carry out crucial refurbishments to her holiday homes in Dorset. Caroline had been running Lancome Country Cottages for a few years, and had previously applied for a business loan with her bank, but was turned away. At Fleximize, we were able to offer Caroline an unsecured business loan tailored specifically to her needs, which allowed her to carry out the refurbishments and essential maintenance. Watch the video below to hear how Caroline’s business benefited from a Fleximize loan, or click here to read the story in full.
If you’ve been turned away from the banks for a small business loan, call us on 020 7100 0110, and our friendly UK-based team will be happy to answer any questions you might have. If you’re ready to start your application, simply click the button below.