New loan fund available for small businesses in the south west

£10m worth of loans has been set up to help small businesses in the south west, Cornwall and the Isles of Scilly during the recession.

South West Investment Group Capital (SWIG) has released £5m worth of funds for SMEs in Cornwall and the Scilly Isles and a second £5m fund has been set up for firms in the rest of the southwest through the South West Regional Development Agency (RDA) and the European Regional Development Fund (ERDF).

"Viable and growing companies throughout the south west need help accessing finance and this fund will go some way towards alleviating these problems," said Stephen Peacock, the RDA's executive director of enterprise and innovation.

Small firms that are interested in applying for a loan from the fund should contact Business Link.