Financial and insurance services

Tender description

South West Investment Group (Capital) Ltd (SWIGC) wishes to appoint a fund manager to manage the South West Loans Fund II (the Fund), which will provide loans to small-medium-sized businesses in certain areas in the South West, which cannot obtain their full lending requirements from other financial sources. South West Investment Group (Capital) Ltd (SWIGC) wishes to appoint a fund manager to manage the South West Loans Fund II (the Fund), which comprises of resources from SWIGC and the legacy from the Competitiveness ERDF South West Loans Fund, the Microcredit Loans Fund and the Cleantech Low Carbon Mezzanine Co-Investment Fund. The fund will provide loans of between GBP 25 000 and GBP 250 000 to small- and medium-sized incorporated businesses which cannot obtain their full lending requirements from other financial sources in the following Local Economic Partnership (LEP) areas: Heart of the South West LEP, West of England LEP, Gloucestershire LEP, Dorset LEP, Swindon and Wiltshire LEP. For fund modelling purposes it is expected that an initial investment of GBP 5.73 million, plus reinvestment of returns, will be invested in 180 businesses at an average of GBP 60 000 over a 5-year period.