North West Fund breaks the £20m barrier as it reaches endgame

With 3 months left to run, the North West Fund has announced that it has invested £20.9m in businesses across the North West during the first 9 months of 2015.

Established in 2010, the Fund is financed by the European Development Fund and the European Investment Bank.  It is designed to provide both debt and equity funding to small and medium sized enterprises in the North West of England and has invested a total of over £125m in local businesses to date.

The 2015 figures are particularly eye-catching, the £5.6m invested in Q3 being some 47% higher than the amount invested during the corresponding period in 2014.

The increase is undeniably demonstrative of an upsurge in confidence as the local economy continues to grow, with a significant number of ambitious businesses looking to expand their operations.

This clamour for investment may also be indicative of a rush to obtain financial assistance from the Fund before its investment period comes to an end at the end of December 2015.  The Chief Executive of the Fund Cliff Maylor is certainly hopeful, and anticipates over £10m more to be distributed before the Fund closes.

Small to medium sized businesses who are looking to grow are therefore advised to look into what an investment from the Fund could do for them before it is too late.  Loan finance ranging from £25,000 to £750,000 is available, with equity investment packages going up to £2,000,000.

Applications for funding are welcome from both new and established enterprises who are situated in the North West or intend to relocate to the area, provided that the business fulfils the definition of a SME.  This requires that they have less than 250 employees, an annual turnover of under 50m Euros and a balance sheet totalling no more than 43m Euros.

If you require any advice or assistance on Corporate and Restructuring matters please do not hesitate to contact me at jenny.burke@forbessolicitors.co.uk or on 0800 321 3258.

 

Jenny Burke

About Jenny Burke

Jenny Burke is a Solicitor within the Corporate & Restructuring department at Forbes Solicitors and assists business clients of all sizes from a range of sectors with transactional and advisory work. Jenny’s blogs cover her specialisms of mergers and acquisitions, corporate restructures and re-organisations and partnership and shareholders agreements.

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