National economic development bank, The British Business Bank, has announced a new £15m fund in partnership with MSIF, the Liverpool based loan and equity, to help SMEs looking to grow as part of the Bank’s ‘Help to Grow’ programme.
The North West Business Growth Fund is the first investment fund under the Bank’s Help to Grow programme, and will support established businesses who are seeking development capital.
The fund will be delivered by MSIF and will invest in companies in the Liverpool City Region and across the wider North West and North Wales, supporting high growth SMEs with loans of between £250,000 and £1m.
Under The British Business Bank’s Help to Grow programme, high growth SMEs across most sectors can access finance for capital expenditure, developing of new products, research, and general working capital.
Geoff Whiteland, British Business Bank’s Director for Help to Grow, said: “The British Business Bank is committed to ensuring that smaller businesses across the UK are able to access the finance they need to grow and succeed. We are therefore delighted to be announcing the first fund investment of our Help to Grow programme. The North West Business Growth Fund will enable additional capital to be invested in promising smaller businesses in Liverpool and the surrounding regions, helping support their growth ambitions.”
Lisa Greenhalgh, CEO of MSIF, said: “We are excited to be launching this new £15m fund jointly funded by MSIF and the British Business Bank to enhance our full product offering. We are delighted to be able to further support SMEs across the Liverpool City Region, and also the wider geography of the North West and North Wales.
“MSIF are still fully committed to supporting SMEs and the North West Business Growth Fund expands our portfolio of funds under management, ensuring we can help businesses with almost any funding requirement.”
Since 1994, MSIF has supported more than 2000 businesses and invested over £166m, which in turn has created or safeguarded almost 15,000 jobs.