North West Loan fund urging Mersey firms to apply for cash
More than £2m has been loaned to small businesses by the North West Fund for Business Loans since it launched in December last year.
The £35m fund is being managed by FW Capital and is one of six being overseen by the North West Fund.
NWF has been allocated £185m of European money to help small firms in the North West with 40% of the pot ringfenced for Merseyside.
FW Capital has completed 13 loan deals so far, and says there are more in the pipeline.
They included a £200,000 loan to Knowsley processed glass maker, Tuff X, which it will use to fund an expansion drive.
However, FW says the strongest interest so far has come from firms in the Greater Manchester area, and it wants to see more applications from Merseyside firms.
Fund manager Gary Guest told LDP Business: “Around 14% so far have come from Merseyside.
“The demand is there, but we are keen to speak to more businesses.
“What we are looking for is established businesses that have weathered the storm of the recession and are now looking to grow.”
FW has established operations in Liverpool, Manchester and Preston.
Investment executive Simon Berry is based in the Liverpool office, which is located in The Plaza.
He acknowledged that companies were, in some cases, very wary of approaching banks for funding in the current environment.
He added that FW often lent to businesses alongside banks, and had a good relationship with them.
The £200,000 to Tuff X was matched by a Lloyds TSB loan.
“If a company has the right management team, then we will look at ways of doing the deal rather than not doing the deal,” said Mr Berry.
“If the business plan stacks up, then there is always a deal to be done.”
Mr Guest added: “The banks and advisers who’ve already referred clients to us for investment are finding it’s a win-win situation.”
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