North West Fund reaches £60m milestone

The North West Fund is celebrating the £60m investment milestone, having helped over 200 entrepreneurs throughout the region since its launch two years ago.

Private sector co-funding has contributed a further £40m, bringing the total value of investments into North West businesses to £100 million.

It means The Fund has invested almost 40% of its £155m allocation, with more than two years still to invest and a strong pipeline of investments currently being developed.

More than £17m has been invested in 2013 alone, and The Fund estimate that over 1,500 jobs have been created or safeguarded over the last two years.

Cliff Maylor, chief executive of North West Business Finance, which manages The North West Fund, said: “We are incredibly proud to have reached these key milestones, particularly whilst the economic environment remains so challenging.

“The business and entrepreneurial talent in the North West is impressive and our priority is to support these growing businesses with finance, whether they are just starting up or looking to expand.

“During 2013 we have already invested more than £17 million into over 50 businesses. This is testament to our team of fund managers who continue to work hard across the region, building relationships with businesses, intermediaries and other key stakeholders.

“The interest from entrepreneurs has been very encouraging but we know that we still have a great deal of work to do to ensure that every penny of our £155 million is invested wisely for the benefit of the region, creating a lasting legacy for the businesses of the future.”

The North West Fund is a £155 million evergreen fund supported by the European Investment Bank and European Regional Development Fund to supply debt and equity funding to small and medium-sized enterprises in the North West of England, or those wanting to relocate to the region.

Earlier this year, The Fund completed a reorganisation of its Development Capital Fund, creating two new funds. The North West Fund for Loans Plus, which is managed by FW Capital, offers debt finance, and The North West Fund for Mezzanine, which is managed by Enterprise Ventures, offers businesses mezzanine loans and equity investments. They are designed to be closely tailored to the investment needs of established SMEs based in the North West.

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