The South West Investment Fund is the first in a series of new Nations and Regions Investment Funds being launched by the British Business Bank which will deliver a £1.6 billion commitment of new funding to drive sustainable economic growth.
The Fund aims to tackle an identified funding gap across the South West and increase the supply and diversity of early-stage finance for smaller businesses.
A range of commercial finance options will be provided, with loans from £25,000 to £2 million and equity investment up to £5 million.
Businesses in the South West region may be eligible. This area includes Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset and Wiltshire.
Similar funds are in the planning stages for Wales, Scotland and Northern Ireland, along with follow-on funds for the Midlands and the North of England.
Ken Cooper, MD of Venture Solutions at the British Business Bank, said:
'The design of the South West Investment Fund builds on the success of our other regional funds. It will increase the supply and diversity of early-stage finance for smaller businesses in the region, providing finance for firms that might otherwise not receive investment and helping to break down barriers in access to finance.'
The Fund is expected to launch in Spring 2023.