SWIG Finance’s annual Social Impact Report for 2021/22 shines a light on how their finance is being used as a force for good across the South West.
During the 2021/22 financial year SWIG Finance lent more than £10.8 million to underserved SMEs and Start Ups across the region and beyond, making this another record year of lending.
Even though many SMEs have continued to battle the multiple challenges brought about by the pandemic, global conflict and inflation, SWIG Finance has doubled down on its efforts to reach target customers and can report that there is still much optimism amongst the business community, with a strong demand for growth capital.
Of the report SWIG Finance’s Chairperson Christine Allision commented “It is a pleasure to be associated with SWIG’s 2021/22 Social Impact Report, which tells an upbeat story of an organisation continuing to grow and expand its support to small businesses throughout the South West. In particular, it demonstrates the importance of diversity in the provision of business finance, and the unique contribution that bespoke Community Development Finance Institutions (CDFIs) make”.
Here are the key findings from SWIG’s latest impact report:
- Record lending of £10.8m to 502 Start-Ups and SMEs
- Over 1,000 jobs created or safeguarded
- 25% of lending to businesses in the most deprived areas of the South West.
- 43% of lending to female-led businesses, up 10% from the previous year.
- 15% of lending to businesses led by ethnic minorities, up 2% from the previous year.
- Over 30% of businesses supported during 2021/22 were actively working to improve the wellbeing of people within their communities.
- Up to 34% of businesses supported have plans in place to support sustainable consumption and production.
- A combined 27% of businesses were actively working to protect, restore and promote sustainable use of life on land and below water.
To view the full report, please visit https://www.swigfinance.co.uk/social-impact-report-2022/
As a Community Development Finance Institution (CDFI), helping to generate positive impacts for people and places in the South West is core to SWIG’s purpose. In the post Covid- support landscape, access to finance remains a key challenge for many SMEs and start-ups, which is where CDFIs like SWIG Finance can help.