NWDA small firms loans top £2m

SMALL firms across the North West have tapped into more than £2m in loans to fund their expansion plans.

The Northwest Regional Development Agency’s small Loans for business programme, which was set up two years ago, provides small loans of between £3,000 and £50,000 to new and growing businesses.

Its aim is to encourage and make it easier for more people to access finance to start up and grow their own enterprises in the region and to date and provided loans to 158 companies across the North West.

The scheme is funded by government, the NWDA and private sector partners. Mark Hughes, executive director of economic development at the NWDA said:

“Thanks to the straight forward application process and meeting the needs of businesses we have seen a significant number of applications for a small loan for business over the past two years.

“The NWDA’s finance for business activity is part of the agency’s drive to ensure that North West businesses do not suffer unnecessarily at the hands of the uncertain banking system.”