MSIF hails a string of successful exits
MERSEYSIDE SME funder MSIF has added around £7m to its own funds through a string of successful exits from previous investments.
One notable exit was from robotic process automation software company Blue Prism when it raised £21.1m through an initial public offering on AIM in March.
The listing gave Newton-le-Willows-based Blue Prism, which has offices in London and in the US, a market capitalisation of around £48.5m.
MSIF now has around £30m to invest through all of its investing funds. This money will top up MSIF’s Merseyside Loan & Equity Fund, the fund it created in 2009 with returns on investment from its original funds.
The organisation has also been awarded a further four-year contract to continue to manage the Government-backed Start Up Loans Programme in the region, which provides personal loans of up to £25,000 to people that are starting up a business or within the first two years of trading.
MSIF has been delivering the Start Up Loans Programme since the original pilot project three years ago and to date has provided 254 loans totalling £1.7m.
Lisa Greenhalgh, chief operating officer, said: “It is still quite difficult for new businesses to access finance, particularly for those who don’t have experience and a track record. The Start Up Loans Programme fills that gap.
“New businesses are key to continued economic growth and we are delighted that we have increased our funding offering in this area.
“Several of the businesses we backed through the Start Up Loans Programme have gone on to be very successful and have come back to us for follow-on finance through our other funds to allow them to expand.
“We are also looking at opportunities to raise new funds from other sources to further enhance our offering and ensure MSIF continues as the go-to alternative finance provider in the Liverpool City Region and beyond.”
Since 1996 MSIF has invested over £161m in 1,933 businesses, creating or preserving more than 14,600 jobs and bringing in over £296m private sector investment.
