MSIF to invest £64m over 10 years
THE Merseyside Special Investment Fund (MSIF) said it plans to invest £64m over the next 10 years.
The organisation, which offers loan and equity finance ranging from £250 to £2m, said the money will come from returns on earlier investments and its existing funds.
It is operating the Merseyside Loan & Equity Fund until 2015 and also lends on behalf of the Community Development Finance Institution, a social enterprise that supports people who struggle to raise finance from High Street banks. It is also involved in delivering the Government’s Start Up Loans scheme.
Chief operating officer Lisa Greenhalgh said: “When we launched the Merseyside Loan & Equity Fund in 2010 we anticipated around £25m to invest up to 2015. However returns on investments have exceeded expectations and with the other funds we now have under management, we will have £64m to invest in local businesses during the next 10 years.
“We have had an extremely busy year with a significant increase in applications for investment and have recently expanded the team to reflect this. It is clear that there is a strong need for alternative sources of finance for small businesses and we are delighted that we are going to be able to continue to offer this for many more years to come.”
MSIF was originally established with funds from the European Regional Development Fund’s (ERDF) 1994-1999 Objective One Programme. According to the organisation it has invested £145.1m in more than 1,592 businesses.
