25th January 2006
Major finance boost for Exeter business.

Small businesses in Exeter are being offered a major financial boost with the launch of a new £450,000 Exeter Business Fund.

The new mainly loan based scheme has been launched through a partnership between Exeter City Council, South West Investment Group (SWIG), who are the region’s leading gap-fund provider, Business Link Devon & Cornwall and HSBC.

It means that companies starting up and existing small businesses based in Exeter will now be able to raise the capital they need that has not been forthcoming from traditional sources in order for them to expand and create jobs.

The involvement of Business Link – the regions leading business support service - is seen as a key strength of the fund. In addition to funding the project, Business Link will be providing essential advisory support. A dedicated adviser will be available to help guide people through the pre-investment process and will then help those receiving funding to ensure their investment objectives are achieved.

The funding has been launched to intermediaries in the Exeter area such as bank managers, accountants and financial advisers, through whom funding applications must be made.

John Shepherd, Exeter City Council’s Lead Councillor for Economy and Tourism, believes the launch of the new fund will help make a real difference to Exeter’s economic growth. He said: “The launch of the Exeter Business Fund represents a further step in the City Council’s support for local businesses and forms part of its commitment to promoting prosperity and economic growth through the implementation of the Exeter and Heart of Devon Economic Development Strategy.”

SWIG Managing Director Peter Casey said: “The combined support of Exeter City Council, Business Link and HSBC has been of immense value in securing what is going to be a significant benefit for small businesses in Exeter.

“Any company based in Exeter that feels it may qualify for assistance should waste no time in applying, because the sooner they do so the sooner they can be assessed and, if they meet the criteria, be helped to achieve their potential.”

The addition of pre and post investment support will, according to Bob Dow, Chief Executive of Business Link Devon & Cornwall, be a critical element of the Exeter Business Fund.

“Business Link helps over 20,000 businesses each year. Where raising finance is concerned people need high quality advice at all stages. Business Link pre and post investment support means the funding should make an even bigger impact for those businesses that successfully apply for it,” said Mr Dow.

Darren Wilson, local Area Director for HSBC, which is committed to the communities in which it operates, said “The Fund will provide significant benefits to local businesses and may well help to retain employees’ skills and talents in the SouthWest. The scheme is a testament to the real value of public and private sectors working together for the benefit of the community.”

Derek Phillips, Chairman of Exeter Chamber of Commerce says, "Exeter Chamber of Commerce welcomes this innovative initiative which fills an important gap in current funding streams. The Chamber is pleased to support initiatives that promote an entrepreneurial culture and create more small businesses in Exeter. We know from our members that there is a huge demand for new and small business funding and we give great credit to all the partners involved in the Exeter Business Fund in finding an effective and positive solution to financial and business support."

Since starting its loan funds in 1996 SWIG has helped create over 1,000 new jobs in the South West by delivering more than £6.5 million of support.

For more information on how to apply to the Exeter Business fund, contact South West Investment Group on: 01392 314603.