‘More work to do’ says Fund boss after 200 firms share £60m

THE North West Fund, which aims to boost SME growth in the region, says it has now lent more than £60m to 200 businesses.

The £155m ‘evergreen’ fund backed by the European Investment Bank and European Regional Development Fund says its latest lending milestone represents 40% of the total it must lend in the next two years.

Bosses say their fund managers have a good pipeline for future investments.

The money it has lent so far has unlocked private sector co-funding worth a further £40m, bringing the total value of investments into North West businesses to £100m over the last 30 months since the launch of the Fund.

The 200 businesses that have received funding have helped create or safeguard more than 1,500 jobs across the North West. This figure is set to rise further as 20% of the investments have been into new start-ups.

Cliff Maylor, chief executive of North West Business Finance, which manages The North West Fund, said: “We are incredibly proud to have reached these key milestones, particularly whilst the economic environment remains so challenging.

“The business and entrepreneurial talent in the North West is impressive and our priority is to support these growing businesses with finance, whether they are just starting up or looking to expand.

“During 2013 we have already invested more than £17m into over 50 businesses.”

Mr Maylor said despite good levels of interest in the Fund, there is no room for complacency.

“We know that we still have a great deal of work to do to ensure that every penny of our £155mn is invested wisely for the benefit of the region, creating a lasting legacy for the businesses of the future.”