A roadshow staged in St Austell has helped attract businesses to express an interest in a government backed fund.

More than 350 businesses from across the South West have already expressed their interest in the new £200 million South West Investment Fund (SWIF) just weeks after its launch.  

The fund, which was unveiled last month by the British Business Bank, aims to increase the supply and diversity of early-stage finance for new and growing smaller businesses across the region.  

It operates throughout the South West, encompassing Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset, and Wiltshire.  

SWIF offers a diverse range of commercial finance options ranging from small loans from £25,000 to equity investments of £5 million, for companies at all stages of development. It aims to fill the gaps in available finance options in the South West and empower businesses, both those located in busy hubs and in harder-to-reach locations, to unlock their potential.  

One of the SWIF roadshows was held at the Eden Project and the keynote speaker was John Acornley, chair of the CIOSIF Advisory Board. 

He said: “I think South West businesses will welcome the launch of the fund. It’s a very good scheme for businesses that are looking for funding, designed particularly to help those smaller businesses that fall in the gap between larger businesses who can get bank and alternative finance, and those who can’t because they are too small or perceived to be too risky. It’s very important that businesses can access the finance they need to grow, invest and flourish in the future and this fund will make a significant difference to the funding landscape, in particular to Cornwall and the Isles of Scilly as the current Cornwall and Isles of Scilly Investment Fund comes to an end later this year.”  

Also attending was Ann Vandermeulen, Cornwall development manager at the Federation of Small Businesses, who said: Businesses have been through a really hard time and now need something to help them flourish, so this fund is good news for businesses in the South West. I’m particularly pleased that there will be mentoring for businesses to help build their confidence in knowing what to do with that money, knowing that their ideas will be accepted or even getting them investment ready. And creating good business is not just great for our economy, but good for everybody in the community.”