Merseyside firms urged to tap into £185m fund

SMALL businesses and entrepreneurs in Merseyside are being encouraged to bid for support from the £185m European Union-backed North West Fund.

Under EU rules 40% of the fund must be invested in Merseyside-based businesses.

The fund, launched in January, will provide debt and equity funding from £50,000 to £2m to small and medium-sized enterprises (SMEs).

Speaking at Professional Liverpool's Access to Finance event, the fund's chief executive Andy Leach, said: "Funding for expansion whether it is regional, national or international is not just good for individual businesses, but also good for the region which will feel the collective economic benefit of each individual effort.

"SMEs and entrepreneurs are crucial to the future prosperity of the North West. Providing investment capital for SMEs at such a critical time, whether it is through debt or equity finance solutions, will help to build a robust network of strong private sector businesses and contribute to the economic prosperity of the region over the next decade and beyond."

An initial £170m of cash has been subdivided into six pots, including a £45m development capital fund, a £30m venture capital fund and a £35m loan fund. There are also three sector-based funds - Digital & Creative (£15m), Energy & Environmental (£20m) and biomedical (£25m). However, £15m has been held back to invest in the areas with the greatest demand as the funds wind down.

For further details on the fund please click here

(Information from the Business Desk)