North West Fund has £185m to help region’s small firms
North West Business Finance, headed by chief executive Andy Leach, is overseeing a £185m investment pot to stimulate the region’s small business sector.
Fund managers have been appointed to take responsibility for six specific funds to support the growth of SMEs.
The £185m of European aid will be invested by 2015, with 40% earmarked for investment in Merseyside firms.
It is planned to maintain funding opportunities across the region after 2015 through the successful realisation of investments in North West and Merseyside businesses.
Follow the link to view a video of Andy Leach on the North West Fund.
The fund was officially launched last December, and Mr Leach said: “In seven months we had 1,100 applications for £570m. There’s a funding requirement and we are charged with funding that.”
Of the six different funds targeting different markets, one is based on debt funding, while the rest are all equity-based, whereby the North West Fund will take a stake in an investee company, which will, hopefully, be sold at a later date when the company has grown and progressed, for a profit on the original investment.
Sectors covered by the different funds include venture capital; development capital; business loans; digital and creative; energy and environmental; and biomedical.
The fund can offer investments of between £50,000 to £2m to small firms based in the North West, or to firms willing to relocate to the region to qualify for investment, bringing new jobs and opportunities.
Loans of between £50,000 and £250,000 are also available to small firms finding difficulty in obtaining cash from traditional sources.
For more Liverpool news from the Daily Post visit www.liverpooldailypost.co.uk
‹
Back
The Capital, 39 Old Hall Street, Liverpool
L3 9PP
Telephone: +44(0)151 600 2900
Email:
info@liverpoolvision.co.uk