SMEs in the South West of England were among the fastest growing exporters in the UK in 2015. A skateboard distributor, an engineering software company, an online British food shop and herbal tea maker Pukka are among the region’s small businesses doing great things in the export market.
Also, according to the ONS, the South West is home to more than 220,000 SMEs, with sectors including agriculture, tourism and conservation being key to the region.
South West business loans
The South West offers a range of small businesses a variety of local funding options, including its own peer-to-peer lending platform and loans from funding organizations. Let's take a look at some of them here.
Fleximize – A range of flexible SME business loans are available from this pioneering lender, which is the only UK provider offering the innovative Revenue Advance. It also provides small businesses with the Flexiloan – a product designed to meet the needs of each small business that applies – as well as other options. If you're a limited company or LLP, you can apply for loan of £5,000 – £500,000 in a quick and easy online application process. Fleximize's relationship managers make the decisions, and could provide the money within 48 hours.
Folk2Folk – Originating in the South West as a way for investors to support their local business community, peer-to-peer lender Folk2Folk provides financing up to £5 million to SMEs. These days anyone around the country can become a lender or borrow through the UK’s sixth-biggest P2P platform, which has to date provided more than £88 million in secured loans to business owners. The organization also has high street offices across the South West so customers can have face-to-face meetings.
South West Investment Group – Micro businesses and SMEs in the South West may be able to secure loans for growth funding. Also, new entrants and tenant farmers in Cornwall and the Isles of Scilly can apply for money from the Fresh Start Loan Fund for additional money to launch and build land-based enterprises.
Invest in Cornwall – Up to £10 million in loans is available to growing SMEs in Cornwall for businesses planning to relocate to the county. Small ventures can apply for up to £50,000, and bigger firms can apply for up to £250,000. As with many regional loans, applicants need to prove they can’t secure funding from the private sector.
Outset Cornwall – Startups operating for less than 2 years, can apply to borrow up to £25,000. They also work with a mentor to help you get your business up and running. Residents of Cornwall and the Isles of Scilly get free access to an online learning programme too.
Business West – New businesses trading for less than 24 months are able to apply for loans between £500 and £25,000. Mentoring is also provided.
Fredericks Foundation – Together with the Devon Community Fund, the foundation is offering loans to local small businesses having trouble sourcing mainstream financing. The organization aims to help meet demand for county-wide funding for SMEs, including the growing number of startups located in coastal conurbation and rural areas. Fredericks also provides business loans to SMEs in Somerset, Cornwall, and Bristol and Bath.
Growing Places Fund – This lending scheme, distributed by Dorset LEP, is part of a government £9.4 million scheme to support regeneration and capital investment in the county. Businesses have up to 5 years to repay the loan, and qualify even if they’ve been turned down by other alternative finance providers.
Somerset Savings and Loans – SMEs in Somerset could benefit from business development loans up to £15,000. The loan term is a maximum of 5 years, with no arrangement fees or charges of early repayment.
Apply for a business loan today
If you have any questions about small business loans, call Fleximize on 0207 100 0110. Its 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.
Or click on Apply Now to get the process started.The Ultimate Guide to Business Funding is a great resource packed with more funding options.