A Newlyn-based business that recycles fishing nets is the latest to be backed by the British Business Bank's South West Investment Fund.
Fishy Filaments received a £126,000 loan from SWIG Finance, marking a significant contribution to their ongoing efforts in sustainable growth.
The firm focuses on the recycling of end-of-life nylon gillnets to fabricate materials suitable for 3D printing and advanced manufacturing.
They closely collaborate with commercial fishing fleets in order to maintain the quality and traceability of its supply chain.
This innovative approach sees nylon gillnets, regarded usually as waste, turned into an economic asset that can be utilised in a range of applications, such as homewares, fashion, and engineering.
Director of Fishy Filaments, Ian Falconer, said: "Despite an existing register of supportive shareholders, the nationwide lack of access to conventional growth finance for start-ups over the last year or so has really held us back.
"This funding package has unlocked our ability to mobilise and multiply the impact of our existing capital.
"Since receiving the funds, we’ve already taken on our first new staff member and it is great to be able to increase our public visibility as well as grow our capacity to deliver our world-leading raw materials made from recycled fishing nets".
The South West Investment Fund, controlled by SWIG Finance, provides loans ranging from £25,000 to £2m to support a variety of small and medium-sized businesses across the South West region.
Its ultimate goal is to drive sustainable economic growth through the promotion of innovation and the creation of local opportunities for burgeoning businesses.
SWIG’s business manager Rachel Thomson added: "Fishy Filaments is an outstanding business which is working tirelessly to reduce marine pollution.
"Ian’s innovative method for converting waste into filaments doesn’t use chemicals so it is much better for the environment than traditional plastics manufacturing".
To find out more how the South West Investment Fund is contributing towards small businesses, visit their website at southwestinvestmentfund.co.uk.
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