Funding Boost for Cornish Holiday Cleaning Business
Redruth-based Cornish Changeovers is the latest business to be backed by the South West Investment Fund (SWIF).
The £60K loan from SWIG Finance, which manages the smaller loans element of the South West Investment Fund across the region, will help the business grow its holiday accommodation changeover service.
The £200m South West Investment Fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
Cornish Changeovers grew out of a working farm and farm shop business called The Bearded Farmer, owned by Shaun Ferkin and partner Peter Warrington. In just over three years, the venture has expanded rapidly and now employs 26 people. A further two new jobs are planned in the next year.
The business was referred to SWIG Finance by Gary Langan of Silven Consulting.
Of the funding Peter said: “The job market in Cornwall is very seasonal. This is why we are developing our business to have as many varied income streams as possible. This loan helps us to move forward with our plans to create more facets to the business and continue to offer well-paid, all-year-round employment for our team whilst creating more jobs in the process.”
SWIG’s Business Manager Rachel Thomson commented: “Peter and Shaun are true entrepreneurs. The business they’re creating is helping them to achieve their life-long dream of running their own farm as well as providing year-round employment. They should be very proud of how far they have come in such a short space of time.”
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The South West Investment Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
