£4.8m still available to city region businesses
THE North West Fund is urging Merseyside businesses to take advantage of cash to the region – with just £4.8m remaining in the pot.
The debt finance, offered by The North West Funds for Micro Loans and Loans Plus, is available for investment until June 30 specifically for businesses in the Merseyside region. To date, the Fund’s investment in Merseyside stands at more than £56m.
The Fund ended 2015 with £148m invested in upwards of 430 businesses across the North West, creating and safeguarding in excess of 3,500 jobs and leveraging an additional £120m in private sector finance.
Its impact has been felt throughout the region, evidenced by the recent successes of the Wirral-based Contact Company.
The Contact Company works to address the customer contact needs of a wide range of businesses across the UK, offering outsourcing support to a portfolio of clients including River Island, Superdrug and Argos.
TCC received a finance package from The North West Fund for Loans Plus, Barclays and the Regional Growth Fund last year.
The capital was part of the funding used to support the firm’s move into a new £11m, 48,000sq ft office at Kingsgate, Tower Wharf.
Now one of the largest employers in the Wirral, TCC has seen turnover soar by above 50% from £10.2m to £15.4m over 12 months. It is now predicting to reach £19.6m in the next year, rising to £40m within five years.
The North West Fund chief executive Cliff Maylor said: “It is an exciting time for the Fund and I am thrilled with the results we have achieved so far. £148m is a fantastic milestone to have achieved in five years, and we are now hoping to be £150m invested by early this spring.
“There is enormous growth potential in Merseyside, so there has never been a better time to work with SMEs across the region to help them achieve their long-term objectives.
“The focus for North West Business Finance this year is to invest the remaining £5m of capital into Merseyside, whilst looking at other funding options available to provide continued support to our investee companies as we manage our portfolio.”
