Maven to manage £20m SME fund for AGMA
A £20m fund for SMEs, backed by local authorities in Greater Manchester and the government’s Regional Growth Fund , has been launched.
Maven Capital Partners has won the tender to manage the new Greater Manchester Loan Fund, which has been created to help SMEs in the Greater Manchester area to create and sustain jobs, but can’t obtain bank finance.
Maven, which has already strengthened its Manchester team with the appointment of former NatWest structured finance chief Andrew Thomas, says it is ready to lend immediately and is already in due diligence on several deals.
The Fund will lend up to £20m in total over the next five years, typically investing between £100,000 and £500,000 in established businesses which have existing cashflows but are currently constrained through being over-geared or under-capitalised.
Maven has considerable experience running similar public-sector backed funds for SMEs including the £113m Scottish Loan Fund and the £35m Government backed Capital for Enterprise Fund A.
Ryan Bevington, investment director at Maven Capital Partners in Manchester said: “Access to flexible finance remains a major challenge for SMEs looking to maximise their growth potential – we have already seen that in the businesses we’ve seen already.
“The Greater Manchester Loan Fund will offer valuable and welcome support to ambitious local businesses. Maven has a long standing presence in Manchester and a track record of successful investment in the North West.”
Lord Peter Smith, leader of Wigan Council and chair of the Greater Manchester Combined Authority said: “Across Greater Manchester, small and medium-sized businesses all agree that access to finance is hindering their growth. If we can solve this problem, businesses will be able to invest, create and protect jobs.
“That’s why establishing the Greater Manchester Loan Fund is so important. It will provide companies with the funds they need to expand. It’s an exciting initiative and shows our commitment to supporting economic growth. I’m delighted we will be working with Maven Capital Partners on this important project.”
