Devon-based business South West Lifts has secured a £26k loan from the British Business Bank’s South West Investment Fund (SWIF) via fund manager SWIG Finance.
The specialist business based at Heathfield near Newton Abbot provides tail lift installation, maintenance and repairs for commercial vehicles. The funding was used to support the relocation to the new Heathfield premises and to recruit an additional engineer.
The £200m South West Investment Fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead. SWIG Finance manages the smaller loans part of the fund across the region.
South West Lifts is led by business owner, Gary Hill, who has extensive experience in lift services having previously worked for his parents’ Coachworks company since the age of 19.
He commented: “Relocating to a new unit will help us to reduce our costs, which will have a hugely positive effect on our cashflow. Having been set back by the COVID pandemic, the business is now back on a growth trajectory and we are looking forward to driving our growth plans forward in 2024.”
SWIG’s business manager, Rachael Taylor, said: “We were impressed by how prepared the business was ahead of its loan application. It was clear that Gary had put a great deal of thought into the level of funding they needed and how this would benefit the business. SWIG Finance was delighted to support their application.”
Jody Tableporter, Director, Nations and Regions Investment Funds from the British Business Bank, said: “The South West Investment Fund is supporting growth-minded businesses across the region, whether it’s through smaller loans like this or larger equity investments. We wish Gary every success with his business and are delighted the fund has been able to support his growth ambitions.”
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The South West Investment Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
Find out more at southwestinvestmentfund.co.uk
