SWIG Finance: Record Impact Lending for 2022/23

SWIG Finance’s annual Impact Report has been published for 2022/23, and the findings show another record-breaking year of impact lending.

Over £14m in funding was provided by SWIG for small/medium businesses across the South West, many of which were not able to source funding from mainstream providers.  This represents over £44m of impact value.

The Outcome of Impact Lending

In 2022/23, SWIG Finance beat all previous activity levels by providing 559 loans worth £14m to 478 start-ups and growing SMEs throughout the region.

This lending helped create and safeguard 1,482 jobs within established small businesses, and a further 414 new start-ups were created. The combined economic benefit generated by the lending totalled more than £44 million (impact values generated through the CDFI Economic Impact Tool).

Record Lending and Business Confidence

Throughout the financial year, the business community witnessed various external shocks, which presented new challenges and headwinds: rising energy and other input prices, staff shortages, and higher interest rates, to name just some. Business confidence declined as the year progressed. Yet against this backdrop, SWIG was able to help a record number of small businesses with their financial needs.

It’s important to note that while some 40% of lending went to entrepreneurs creating new businesses, 53% of lending to established SMEs was to support growth and productivity.

Of this year’s lending statistics, SWIG’s Managing Director, John Peters, commented “I’m proud that we have supported so many remarkable entrepreneurs and small business owners. These resilient, determined, and creative people are building enterprises that are not just surviving but often thriving – and making a positive difference to their local communities, even in these difficult times”.

Looking Forwards

Having recently secured new contracts through the British Business Bank, including the £20m smaller loans fund as part of the South West Investment Fund, and the South West regional contract for the Start Up Loans scheme, SWIG will continue supporting those businesses that are unable to source funding through traditional means.

Download the full impact report here.

About SWIG Finance

SWIG Finance is a non-profit company that supports viable South West businesses that can’t secure sufficient funding from their bank. By empowering underserved SMEs to overcome their financial barriers, we are working to create a more balanced financial ecosystem.

We’re growing every year. In 2022/23, we lent £14m to 478 businesses, helping to create and secure over 1,000 jobs and generate £44.6m in social impact.

If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: info@swigfinance.co.uk / 01872 227 930.