Recently announced £8m North West SME Growth Fund to create over 300 jobs
North West fund manager River Capital has announced the launch of a new £8million fund which will provide loans of up to £300,000 to support SMEs in the North West, with a particular focus on the Liverpool City area.
Having recently refreshed its identity and as part of its continued growth strategy, the launch of the Business Growth Lending Fund (BGLF) is the first of several imminent announcements to be made by River Capital.
BGLF is funded by the Merseyside Special Investment Fund as part of its ongoing commitment to supporting SMEs in the North West and will provide an alternative form of loan finance to complement more traditional sources such as banks.
At a time when businesses are still grappling with the aftermath and implications of Covid-19 as well as significant economic challenges, the fund seeks to finance working capital, capital expenditures, acquisitions and management buyouts.
From start-ups to more established SMEs, companies at all stages of development and from most sectors can apply for financing. Applications from those who demonstrate strong social values and positive ESG impact are “particularly welcome”, with the fund also aiming to create more than 320 jobs over its lifetime.
Local businesses are already beginning to benefit from the new fund with the first loan secured and several more deals looming from a strong pipeline of opportunities.
Chief Investment Officer and Head of BGLF, Jim Moore, said: “The launch of the new direct lending fund reconfirms River Capital’s commitment to investing in SMEs in the North West and provides opportunities for businesses when funding other routes is difficult to obtain.
“The effects of the past two years have made business lending more complex than ever, and we are pleased to be able to help eligible businesses grow, create and preserve jobs and help communities in the North West region thrive. .
“We encourage businesses in a variety of sectors, especially those with strong social values, to contact us to discuss their financial needs and determine if we can help them move forward.”
John O’Brien, Chairman of MSIF, BGLF’s investor, added: “The Business Growth Loan Fund, managed by River Capital, is a further demonstration of MSIF’s commitment to supporting high-growth SMEs. social values in the Liverpool City area and the North. West.”
By Matthew Neville – Correspondent, Bdaily
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