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 that 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:
There is a range of business funding options available from this pioneering lender. If you're a limited company or LLP, you can apply for a 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.
You can find out more about our products by visiting our services page, but here are the key features of our financing options for businesses based in the South West:
- South West business loans of £5,000 – £250,000
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Competitive interest rates starting from 0.9% per month
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
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 startup 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.
This is another startup loans scheme provider, offering businesses that have been 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.
This lender offers loans to new businesses trading for less than 24 months who have had trouble accessing sufficient funding for their business. Eligible businesses are able to apply for loans between £500 and £25,000. Mentoring is also provided.
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.
How to apply for a South West business loan
If you’ve been turned away from the banks for a small business loan, you may find that approaching an alternative lender like Fleximize will provide faster, easier access to vital funding.
You can apply for finance for a small or medium-sized business based in the South West using our online application form. This only takes a matter of minutes, and a member of the Fleximize team will be in touch to guide you through the next steps.
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