Nations and Regions Investment Funds FAQs

Bydd y Gronfa Buddsoddi i Gymru yn ymrwymo £130m o gyllid newydd trwy’r strategaethau buddsoddi gorau i fodloni anghenion busnesau yng Nghymru. Nod IFW yw gyrru twf economaidd trwy gynorthwyo arloesedd a chreu cyfleoedd lleol ar gyfer busnesau newydd ac sydd ar dwf ar draws Cymru. Bydd IFW yn cynyddu’r cyflenwad a’r amrywiaeth o gyllid cyfnod cynnar sydd ar gael i fusnesau llai ar draws Cymru, gan ddarparu cyllid ar gyfer busnesau na fyddai’n derbyn buddsoddiad fel arall o bosibl, ac yn helpu i chwalu’r rhwystrau i gael cyllid.

Dyluniwyd IFW i helpu i lenwi’r bylchau yn y farchnad trwy gynyddu’r cyflenwad o gyllid cyfnod cynnar sydd ar gael ar gyfer busnesau llai yn y DU a’u hamrywiaeth, gan ddarparu cyllid ar gyfer cwmnïau na fyddai’n derbyn buddsoddiad fel arall o bosibl. Mae’r cronfeydd cynnyrch y mae IFW yn eu cynorthwyo yn darparu cyllid â ffocws masnachol ar gyfer busnesau ar draws Cymru.

Mae IFW yn cwmpasu Cymru gyfan, gan gynnwys ardaloedd gwledig, arfordirol a threfol. Gellir buddsoddi mewn busnesau sydd â’u pencadlys yng Nghymru neu sydd â phresenoldeb gweithredol sylweddol yno.

Gall cronfeydd cynnyrch IFW fuddsoddi ar eu pennau eu hunain neu ochr yn ochr ag arianwyr eraill, ac yn wir, anogir rheolwyr cronfeydd IFW i drosoli cyfalaf preifat ychwanegol hefyd.

Bydd IFW yn cynnig tri opsiwn cyllid masnachol sef Benthyciadau Llai o rhwng £25k a £100k, gwerth rhwng £100k a £2m o Gyllid i Ariannu Dyledion, a Chyllid Ecwiti o hyd at £5 miliwn.

Bydd gan IFW ddull cynhwysol o weithredu, ond bydd yna rai meini prawf cymhwyster ar gyfer cyllid IFW. Bydd rheolwyr y cronfeydd yn gallu cynghori ar addasrwydd.

Nid yw IFW yn buddsoddi mewn busnesau yn uniongyrchol. Mae’n buddsoddi trwy gronfeydd cynnyrch sy’n cael eu rheoli gan reolwyr cronfeydd penodol IFW. Bydd y Gronfa’n cynnig tri opsiwn cyllid masnachol gyda Benthyciadau Llai rhwng £25k a £100k, gwerth rhwng £100k a £2 filiwn o Gyllid i Ariannu Dyledion, a Buddsoddiad Ecwiti o hyd at £5 miliwn.

Dylid cyflwyno ymholiadau a cheisiadau yn uniongyrchol i reolwyr cronfeydd dethol IFW, ac mae manylion llawn y rhain i’w gweld yma. Ni all IFW ddarparu cyngor ariannol neu fusnes i fusnesau sy’n chwilio am gyllid, a dylai busnesau ddefnyddio eu cyfrifydd neu gynghorydd busnes eu hunain os oes angen cymorth arnynt wrth baratoi’r cais.

Enquiries and applications are made direct to IFNI’s selected fund managers, full details of which can be viewed here. IFNI cannot provide financial or business advice to businesses seeking funding and businesses may wish to engage their own accountant or business adviser if application assistance is required.

IFNI does not invest directly in businesses. It invests through product funds which are managed by IFNI’s appointed fund managers. The Fund will offer two commercial finance options with Debt Finance from £25k to £2m and Equity Finance up to £5 million.

IFNI’s product funds can invest alone or alongside other sources of debt or equity capital where appropriate.

IFNI will have an inclusive approach, but some eligibility criteria do apply to IFNI funding and fund managers will be able to advise on suitability.

The Investment Fund for Northern Ireland (IFNI) will deliver a £70m commitment of new funding through investment strategies that best meet the needs of the businesses in Northern Ireland. IFNI is designed to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Northern Ireland. IFNI will increase the supply and diversity of early-stage finance for smaller businesses in Northern Ireland, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

IFNI will offer two commercial finance options with Debt Finance from £25k to £2m and Equity Finance up to £5 million.

IFNI has been designed to help address market failures by increasing the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment. The product funds that IFNI supports provide commercially focussed funding to businesses across Northern Ireland. IFNI’s product funds can invest alone or alongside other funders, and indeed IFNI fund managers are encouraged to leverage-in additional private capital.

IFNI covers the whole of Northern Ireland, including rural, coastal and urban areas. Investments can be made in businesses that are headquartered in Northern Ireland or have a significant operating presence there.

Enquiries and applications are made direct to IFS’s selected fund managers, full details of which can be viewed here . IFS cannot provide financial or business advice to businesses seeking funding and businesses may wish to engage their own accountant or business adviser if application assistance is required.

IFS does not invest directly in businesses. It invests through product funds which are managed by IFS’s appointed fund managers. The Fund will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

IFS’s product funds can invest alone or alongside other sources of debt or equity capital where appropriate.

IFS will have an inclusive approach, but some eligibility criteria do apply to IFS funding and fund managers will be able to advise on suitability.

The Investment Fund for Scotland (IFS) will deliver a £150m commitment of new funding through investment strategies that best meet the needs of the businesses in Scotland. IFS is designed to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland. IFS will increase the supply and diversity of early-stage finance for smaller businesses in Scotland, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

IFS will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

IFS has been designed to help address market gaps by increasing the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment. The product funds that IFS supports provide commercially focussed funding to businesses across Scotland. IFS’s product funds can invest alone or alongside other funders, and indeed IFS fund managers are encouraged to leverage-in additional private capital.

IFS covers the whole of Scotland, including rural, coastal and urban areas. Investments can be made in businesses that are headquartered in Scotland or have a significant operating presence there.

Enquiries and applications are made direct to IFW’s selected fund managers, full details of which can be viewed here. IFW cannot provide financial or business advice to businesses seeking funding and businesses may wish to engage their own accountant or business adviser if application assistance is required.

IFW does not invest directly in businesses. It invests through product funds which are managed by IFW’s appointed fund managers. The Fund will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

IFW’s product funds can invest alone or alongside other funders, and indeed IFW fund managers are encouraged to leverage-in additional private capital.

IFW will have an inclusive approach, but some eligibility criteria do apply to IFW funding and fund managers will be able to advise on suitability.

The Investment Fund for Wales (IFW) will deliver a £130m commitment of new funding through investment strategies that best meet the needs of the businesses in Wales. IFW is designed to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Wales. IFW will increase the supply and diversity of early-stage finance for smaller businesses in Wales, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

IFW will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

IFW has been designed to help address market gaps by increasing the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment. The product funds that IFW supports provide commercially focussed funding to businesses across Wales.

IFW covers the whole of Wales, including rural, coastal and urban areas. Investments can be made in businesses that are headquartered in Wales or have a significant operating presence there.

Enquiries and applications are made direct to MEIF II’s selected fund managers, full details of which can be viewed here. MEIF II cannot provide financial or business advice to businesses seeking funding and businesses may wish to engage their own accountant or business adviser if application assistance is required.

MEIF II does not invest directly in businesses. It invests through funds which are managed by MEIF II’s appointed fund managers. The Fund will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

MEIF II’s product funds can invest alone or alongside other sources of debt or equity capital where appropriate.

MEIF II will have an inclusive approach, but some eligibility criteria do apply to MEIF II funding and fund managers will be able to advise on suitability.

The Midlands Engine Investment Fund II (MEIF II) will deliver £400m of new funding through investment strategies that best meet the needs of the businesses across the Midlands. MEIF II is designed to build on the first Midlands Engine Investment Fund and continue to drive sustainable economic growth by supporting innovation and creating opportunities for new and growing businesses across the Midlands.

The fund will increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

MEIF II will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

MEIF II has been designed to help address market failures by increasing the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment. The funds that make up MEIF II provide commercially focussed funding to businesses across the Midlands. MEIF II’s funds can invest alone or alongside other funders, and indeed MEIF II fund managers are encouraged to leverage-in additional private capital.

MEIF II covers the whole of the Midlands, including the West Midlands, East Midlands and South West Midlands. Investments can be made in businesses that are headquartered in the Midlands or have a significant operating presence there.

Yes, a company who received funding from NPIF can apply for NPIF II finance.

Enquiries and applications are made direct to NPIF II’s selected fund managers, full details of which can be viewed here. NPIF II cannot provide financial or business advice to businesses seeking funding and businesses may wish to engage their own accountant or business adviser if application assistance is required.

NPIF II does not invest directly in businesses. It invests through product funds which are managed by NPIF II’s appointed fund managers. The Fund will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

NPIF II’s product funds can invest alone or alongside other sources of debt or equity capital where appropriate.

Yes, you can still apply for NPIF funding if your company has received a BBLS or CBILS backed loan.

NPIF II will have an inclusive approach, but some eligibility criteria do apply to NPIF II funding and fund managers will be able to advise on suitability.

The first Northern Powerhouse Investment Fund was launched in February 2017 and finished its investment phase in December 2023, having facilitated over £1bn of direct and private sector co-investment. The Northern Powerhouse Investment Fund II is the next iteration of the Fund which is larger in size and has been expanded to include the whole of the North East.

The funding option sizes have also been increased with Debt Finance now available up to £2m and Equity Finance now available up to £5m.

The Northern Powerhouse Investment Fund II (NPIF II) will deliver a £660m commitment of new funding through investment strategies designed to meet the needs of the businesses in the North of England. NPIF II aims to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. NPIF II will increase the supply and diversity of early-stage finance for smaller businesses in the North, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

NPIF II will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

NPIF II has been designed to help address market failures by increasing the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment. The product funds that NPIF II supports provide commercially focussed funding to businesses across the North. NPIF II’s product funds can invest alone or alongside other funders, and indeed NPIF II fund managers are encouraged to leverage-in additional private capital.

NPIF II covers the whole of the North of England, including rural, coastal and urban areas. Investments can be made in businesses that are headquartered in the North or have a significant operating presence there.

Launched in sequence from 2023 the Nations and Regions Investment Funds (NRIF) have been designed to specifically address gaps in access to finance identified through detailed economic research and analysis. The funds will increase the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

The British Business Bank (the Bank) is responsible for setting up and running the funds on behalf of the UK Government. We are establishing funds in areas not currently served by the Bank’s existing regional funding programme. The funds will have a demonstrable presence across their regions linking up with the existing small business finance ecosystem to increase reach and create an impact beyond the funds, helping to boost productivity, innovation and jobs.

We will initially keep back a proportion of the capital allocated to each fund area as an “Investor Reserve” to be allocated at a later date – this will give flexibility to address economic challenges or unforeseen circumstances if needed.

The tender documentation will set out how and when you are able to raise clarifications against any aspect of the tender, the funds and the broader requirements. As we are running a formal procurement process, this (and the broader procurement) will be entirely managed via the Bank’s procurement portal.

Frequently Asked Questions (FAQs) will be periodically updated and published via the Bank’s procurement portal during the tender development period. As part of the tender evaluation process, the NRIF team may seek clarification from fund managers in respect of their tender.

The purpose of the funds is to drive sustainable economic growth with an inclusive approach for all sectors. The ESG requirements for tenderers will set out how this criteria will be assessed. The fund reporting requirements will include data points on both SME and fund manager emissions as well as diversity and inclusion.

London is excluded from SEIF to ensure that resources are directed toward Nations and Regions with the most pronounced access to finance gaps. As the UK’s financial centre, London receives a disproportionate share of equity investment, over 50% of all UK VC funding, despite representing a much smaller share of the business population. By focusing on areas outside London, the Nations and Regions Investment Funds aim to correct geographic disparities in access to and supply of finance and stimulate growth in overlooked but high-potential clusters across the UK.

All contracted fund managers will be set targets to crowd in additional third party private sector capital alongside the new NRIF capital, including from traditional lenders.

Yes, but they should demonstrate consideration of the potential issues from operating as a consortium model including a stable and effective structure and show that it meets the requirements set out in the tender documentation. We will expect one firm to take lead responsibility for delivering against the contract and the tender will need to set out clearly which entity will be the authorised manager. We will only be awarding one contract to deliver the entire initial commitment for each product type in each fund area.

We are open to fund managers tendering for multiple funds, but we would need to fully understand how an appropriate focus on the deployment of each fund across the relevant geography will be managed. Our preference would be for distinct investment teams on each sub-fund. The tender will be split into separate ’lots’, each representing a sub-fund, and each lot being separately evaluated. Each lot will be assessed on its merits. Economies of scale will need to be balanced against the specialisms you will need in each management team.

Yes, we would accept consortium bids/joint tenders. The precise details around any restrictions regarding individual and joint tenders will be set out within the tender documents.

The Bank will be managing the entire procurement via its procurement portal. All interested fund managers will be notified when we launch the procurement. We will ensure that fund managers have the necessary links to access the portal and we will ensure the wider finance community is aware that the procurement has launched. All the instructions around how to submit a tender, key dates and what to include with a completed tender will be set out in the tender documentation.

In the meantime, fund managers intending to submit a tender should register their details on the Central Digital Platform. This platform will allow you to provide us with certain organisational information.

The tender documentation will be structured with specific questionnaires and associated templates for fund managers to complete and respond to the different areas that are to be assessed. Certain questions will be accompanied with word limits.

Fund managers will be expected to make a meaningful manager or General Partner (GP) commitment into the fund and will have to demonstrate how this commitment will be made. Fund managers are not expected to bring external private capital at fund level but will need to demonstrate how they will bring private co-investment into deals and as part of follow-on investments.

Broker fees that lead to successful investments may form part of the investment cost. If broker fees form part of the deal sourcing strategy, these should be treated as a fund manager cost. The tender should set out how finance brokers will play a role and explain how fees will be kept to a minimum.

SMEs will be able to apply to the funds as soon as they launch, which we anticipate will be in Summer 2026.

All fund managers will operate under the same investment and operational guidelines, but commercial investment decision making will be fully delegated to contracted fund managers.

A management fee or General Partner Share (GPS) will be paid to cover the management of the fund. The fee level given in the tender should be enough to properly operate the fund but not be excessive. Fund managers are required to submit a management fee with a set percentage on drawn capital and a lower percentage on undrawn capital during the investment period with a percentage stepdown each year through the post-investment period (based on the previous year’s fee level). The fee structures will be scored as part of the assessment of tenders along with any proposed carried interest and manager/GP commitment. The fee structures should be for the 10-year fund life to demonstrate that the income is sufficient to cover the costs of managing the fund. These projections should include assumptions on inflation etc. The fee structure will be sub-fund specific (i.e. the level/value of fees could be different if tendering for multiple Lots)

All funds will be structured as 10 year life funds with a five year investment period. There will be an option to extend the fund life by two one-year periods.

We would expect to see some physical presence in the fund area and fund managers will have to demonstrate how they will engage and work across the entire area.

All commercial investment decision making, including their approach to carrying out due diligence will be assessed as part of the tender and once the funds are operational, will be fully delegated to contracted fund managers.

The funds will have limits and targets around investment sizes and stage. EIS and VCT rules do not apply to the funds but fund managers who also operate these funds will need to be mindful of EIS/VCT rules and limits when considering co-investing alongside the fund.

The funds will need to comply with the applicable UK Subsidy Control rules as set out under the Subsidy Control Act 2022. EU State aid rules may continue to apply in relation to the funding of businesses falling within the scope of the Northern Ireland Protocol.

The UK Subsidy Control rules are a more permissive framework and therefore strict age restrictions do not apply. However, fund managers will be required to comply with the investment limits and incentive regime including targeting a proportion of deployment towards lower value loans or equity investment for start-up or early-stage companies, to ensure that the funds are targeting the identified funding gap.

A Stakeholder Advisory Board will be set up in each fund area, with the purpose of providing support and advice to the Bank in the delivery of the funds, and to promote and raise awareness of the fund within their small business finance communities. The Board will be the formal mechanism for engagement with strategic stakeholders within the fund geography. The Board is advisory and will consider and provide expertise and insight on access to finance issues for smaller businesses in the relevant fund geography.

Yes, fund managers will need to cover the whole region, irrespective as to the sub-fund type. Fund managers will be incentivised to invest at least a proportion of the fund into specific sub-geographical areas and should therefore demonstrate how they intend to source deal flow across the whole fund area.

The debt funds can in some instances support acquisitions where this forms part of a growth story.

Fund managers will be expected to make commercially appropriate decisions when considering investment structures and terms. These, along with the investment decision process for both initial and follow-on investments, should be outlined in their tender response. Tranched investments will ordinarily be treated as an initial investment, but an explanation should be provided of when tranched investments will be considered and why tranching is considered appropriate. The total amount of capital that can be drawn down after the investment period will be limited to 30% of the fund for the equity funds and 10% for the debt funds.

Leveraging in private capital will be encouraged and so co-investment at deal level will be allowed. Investing alongside the Bank’s existing regional funds or other funds operating in the fund area will be allowed although this can only be counted towards the private leverage target where those funds comprise capital from private investors. Where co-investment is proposed from another fund operated by the fund manager, proper consideration should be made of potential conflicts. There is a requirement to provide details of how any conflict of interest would be managed, and an allocation policy as part of the tender submission. Fund managers cannot bring external private capital at fund level.

The funds are expected to have an inclusive approach to all eligible sectors. The fund investment strategies will be designed to be flexible, so that the fund managers can find the high growth potential businesses to invest in, across a broad range of sectors.

The funds will need to comply with the applicable UK Subsidy Control rules as set out under the Subsidy Control Act 2022.

In addition, the funds will not be able to invest in companies whose activities contravene the law or accepted standards or moral or ethical behaviour, or in businesses or sectors that could be reasonably expected to cause embarrassment to the Bank as an entity owned by UK Government.

Indicative targets will be set to encourage a spread of activity across agreed investment stages. We would anticipate fund managers targeting at least a proportion of their total commitments towards lower value loans (for the Debt and Smaller Loans funds) or investments for start-up or early-stage companies (for the Equity Funds). A proportion of the manager’s fee will be withheld until the target is achieved.

There will be three targets for GPS release which are all weighted equally and a third of the GPS retention will be released for each target being met.

There is no fixed time period but there is a limit on the total amount that can be invested within 6 months of the initial investment (the total cannot exceed £5m from all investors except those only providing debt finance). If a fund manager regularly undertakes follow-on investments within a short period after the initial investment, this may be challenged as part of the quarterly review process.

The fund investment strategies have been designed to address funding gaps in each fund area and so investments outside of the agreed parameters will only be allowed by exception and where it can be clearly demonstrated that the investment meets the objectives of the NRIF programme and is in the best interests of the fund. The fund manager will be expected to submit a request for approval by the Bank in each case and decisions will be taken on a case-by-case basis with no approval setting a precedent for future requests.

All contracted fund managers will be set targets for levels of private sector co-investment and leverage. We will not be mandating any match-funding requirements and cannot comment on the match funding requirements of other programmes.

The fund investment strategies will be designed to be flexible, so that the fund managers can find the high growth potential businesses to invest in, across a broad range of sectors. Significant economic analysis has been undertaken in the creation of the funds which highlights that there are businesses in each of the fund areas that have been unable to access loans and equity investment. Fund managers will be incentivised to invest at least a proportion of the fund into specific sub-geographical areas and should therefore demonstrate how they intend to source deal flow across the whole fund area. Appointed fund managers will be expected to market the availability of funds and build suitable deal flow.

The template LPA will include details of any exclusions that would classify an SME as new external finance

The investment strategy has been designed to address funding gaps in the fund area and the investment limits aim to strike a balance between ensuring the funds are providing additional finance and encouraging private leverage. It is envisaged that the fund will typically be the majority participant in first investments but other structures would be allowed (for example, a minority participation that unlocks the whole round would be acceptable). The template LPA includes all investment limits.

Loan terms should be set by the fund manager to reflect the circumstances and risk profile of the individual loan, and indicative terms will need to be included in the tender response submitted by fund managers. These funds are designed to address imbalances in access to finance so loans would be expected to be made to businesses that have been unable to access finance through existing market sources and terms should reflect this. Personal guarantees, warranties and non-standard loan features will be allowed where commercially appropriate. Fund managers should explain in their tender response their expected investment structures, terms and approach to pricing.

As the EIS/SEIS schemes are designed to give tax incentives to individuals to encourage investment into early-stage, higher risk businesses and both schemes have specific parameters around deployment, they will not be treated as institutional equity capital.

We would not expect to see hard evidence of a decline. The funds are addressing gaps in the provision of finance and so lending terms will reflect the likely higher risk profile of funding recipients. Fund managers should be mindful of this and, if they believe that a business could access mainstream finance, then we would expect them to have discussed the options with the business before an investment is made.

Debt funds will be allowed to follow-on. The total amount of capital that can be drawn down after the investment period will be limited to 10% of the fund for the debt funds. Fund managers will not be permitted to recycle funds.

The debt funds will have the flexibility to use non-standard terms where commercially appropriate to do so but will not be allowed to use products that might lead to the fund holding an equity stake.. The equity funds would be allowed to use instruments where the return is principally intended to be an equity return.

The LPA will have a clause that requires all investment opportunities received by the fund manager or its associates that fall within the investment strategy of the fund to be offered to the fund first. There will need to be a defined conflicts of interest process and allocation policies which will need to be submitted as part of the tender submission.

Enquiries and applications are made direct to SWIF’s selected Fund Managers, full details of which can be viewed here. SWIF cannot provide financial or business advice to businesses seeking funding and businesses may wish to engage their own accountant or business adviser if application assistance is required.

SWIF does not invest directly in businesses. It invests through product funds which are managed by SWIF’s appointed Fund Managers. The Fund will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

SWIF’s product funds can invest alone or alongside other sources of debt or equity capital where appropriate.

SWIF will have an inclusive approach, but some eligibility criteria do apply to SWIF funding and Fund Managers will be able to advise on suitability.

The South West Investment Fund (SWIF) will deliver a £200m commitment of new funding through investment strategies that best meet the needs of the businesses in the South West of England (the “South West”). SWIF is designed to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. SWIF will increase the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

SWIF will offer three commercial finance options with Smaller Loans from £25k to £100k, Debt Finance from £100k to £2m and Equity Finance up to £5 million.

SWIF has been designed to help address market failures by increasing the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment. The product funds that SWIF supports provide commercially focussed funding to businesses across the South West. SWIF’s product funds can invest alone or alongside other funders, and indeed SWIF fund managers are encouraged to leverage-in additional private capital.

SWIF covers the entire South West region, including Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset and Wiltshire. Investments can be made in businesses that are headquartered in the South West or have a significant operating presence there.