New micro loan fund launched

NORTH West Business Finance Ltd (NWBF), which manages The North West Fund, has launched a new £3m fund for firms in the region, and those prepared to relocate.

The North West Fund for Micro Loans is managed by Business Finance Solutions and the Merseyside Special Investment Fund (MSIF).

It will provide loans of £25,000 to £50,000 to businesses at all stages, whether they are just starting up or looking to expand.

NWBF chief executive Cliff Maylor said: “The Micro Fund will extend our offering and support the region’s growing businesses with smaller investments. We recognise that there is a real demand for smaller investments and we have already received a huge amount of interest in this new Fund.

“We look forward to working closely with the teams at Business Finance Solutions and MSIF as they support The North West Fund and help us to continue to drive business growth across the region.”

Lisa Greenhalgh, chief operating officer at MSIF, said: “We have a lot of demand for lending at this level and it is fantastic for us that we have further resources now available which will enable us to support more businesses with smaller lending requirements. We are pleased to be a part of The North West Fund and are looking forward to helping to complete the delivery of this project.”

The North West Fund is supported by the European Investment Bank and European Regional Development Fund to supply debt and equity funding to growing small and medium-sized enterprises in the North West.