North West Fund hits £125m
THE North West Fund has hit another key milestone with £125m provided to more than 375 small companies in the region.
Since its launch in 2010, the Fund, which invests across seven sub-funds, says it has safeguarded more than 3,500 jobs and leveraged a further £95m of private sector finance.
Backed by the European Regional Development Fund and the European Investment Bank, the Fund, provides finance from £25,000 to £2m for growing businesses.
It estimates it has had a significant impact on the North West economy increasing gross value added (GVA) by £60m – a figure that will continue to rise as its investments mature.
Cliff Maylor, CEO of The North West Fund, said: “This milestone is a fantastic achievement for the organisation, but what’s more impressive is the funds that have been invested into more than 375 businesses.
“The number of jobs created is a reflection of how hard our sub-funds have been working to impact the region’s businesses at different stages in their lifecycles.
“As the economy continues to grow and confidence remains high, it is important that we continue to provide an attractive alternative to lending. With more funds left to deploy, we look forward to working with more companies in the region to support their long term growth objectives.”
Highlights include: a £650,000 investment in Carlisle-based EcoLogicLiving from The North West Fund for Energy & Environmental, helping the business achieve turnover of £4.5m; an investment in Burnley-based systems developer Connect Technology Group, to invest in new product development to capitalise on the UK childcare sector; a £750,000 investment in Manchester-based Reality Mine, a provider of mobile research technologies and behavioural data, helping the business target expansion overseas and a six-figure investment in University of Liverpool spin-out, Fusion Implants, to develop a surgical implant to cure lameness and restore mobility in dogs.
