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17 June 2015

The North West Fund for Micro Loans hits £1m milestone

Press Release 17th June 2015

The North West Fund for Micro Loans is pleased to announce that it has exceeded the £1m mark, after providing loans to help 28 of the region's growing businesses.

Following its successful launch in September last year, The North West Fund for Micro Loans, managed by Business Finance Solutions and Merseyside Special Investment Fund (MSIF), has been working with entrepreneurs who demonstrate a strong vision for growth.

The £3m Fund offers finance solutions tailored to the investment needs of businesses that are based in or relocating to the North West of England.

It offers loans between £25,000 to £50,000 to businesses at all stages in their development, including start-ups and developed organisations that are looking to expand.

Businesses backed so far include Merseyside-based Franklin Energy, Inteb and Jem Recycling; along with Greener Surfacing Ltd in Rossendale and Essential English Centre in Manchester.

Cliff Maylor, Chief Executive at NWBF, said: "We've been really impressed with the success of the Micro Fund so far and the demand from North West businesses looking for smaller investments has been very high. Together with all our fund managers, we will continue to support the region's growing businesses at a time when traditional forms of funding still remain difficult to obtain."

David Martin, Fund Manager at Business Finance Solutions, added: "The Micro Fund was designed to provide businesses with a boost so they can expand into new markets, invest in new products or take on more staff. Our introducer network has been fantastic and we've been working with some excellent organisations over the past few months. We now look forward to supporting more entrepreneurs across the region."

Lisa Greenhalgh, Chief Operating Officer at MSIF said: "We know from experience that there is significant demand for alternative funding sources and one of the key differentiators of this fund is that it can support start-ups as well as companies looking to expand. New businesses find it very difficult to obtain funding from traditional lenders yet they are key to boosting the local economy. The North West Fund for Micro Loans has an important role to play in creating a long-term impact on the region's economy through business growth and job creation."    

The North West Fund is a substantial evergreen fund supported by the European Investment Bank and European Regional Development Fund to supply debt and equity funding to growing small and medium-sized enterprises in the North West of England.

To apply, businesses can complete an online application form or contact the fund managers directly on:  

The North West Fund for Micro Loans

David Martin, for Cheshire, Greater Manchester, Lancashire and Cumbria:

0161 245 4952

Sue Chambers, for Merseyside:

0151 236 4040

thenorthwestfund@b-f-s.org.uk

 

 


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