Banks could do more, says North West Fund chief

THE region’s banks need to do more to help fund investments into some of the region’s bright prospects, according the North West Business Finance CEO Andy Leach.

The organisation said that it has raised £8.6m in match funding to support the £6.3m it has invested in 35 businesses during the first nine months of the £185m North West Fund’s lifespan.

However, business angles contributed £3.9m of this and £2.3m came from other funds, while just £1.7m came from banks.

The fund has received 1,392 applications to date, requesting more than £435m of investment.

Mr Leach said: “The level of support that we have received from North West businesses and private sector funders has, to date, exceeded our expectations.

“It is a real pleasure to partner with private organisations and entrepreneurial businesspeople to help realise the ambitions of businesses in the North West and ensure that our funding is exploited to its full potential.

“Support for The North West Fund from the region’s banks is definitely gathering momentum but could, undoubtedly, be improved.

“The North West Fund provides the banks with a great opportunity to support their existing customer bases and demonstrate that they are lending to SMEs.”