SME’s based in or relocating to the North West can now potentially benefit from an £185m investment fund, “The North West Fund”, established to provide debt and equity funding from £50,000 to £2m.
The fund is accessible to SME’s (Small to Medium Sized Enterprises) who employ fewer than 250 people and have an annual turnover of less than €50m or balance sheet net assets less than €43m. You may be eligible to receive the funding if:
• You are, or intend to become a limited company. Sole Traders and partnerships are ineligible.
• You are an SME paying business rates in the North West, or are relocating to the region.
• You are a new start up, a growing business or a business with growth potential
• You are unable to source your full funding requirement from the commercial market.
It is divided into six specialist funds, each of which is managed by an experienced fund manager, these are:
• Venture Capital £50k to £2m – This funds start-ups and early stage businesses under 3 years old or with under £1m turnover.
• Development Capital £100k to £2m – This fund provides investment capital to support expansion for businesses already generating trading income and cash flow.
• Business Loans £50k to £250 k – This provides business loans with no equity investment required.
• Energy & Environmental £50k to £2m – This is aimed at a range of businesses, most of the investments will be allocated to established SME’s with proven trading histories or projects with strong growth potential.
• Biomedical £50k to £1.5m – A flexible equity for growth orientated businesses operating within the biomedical sector.
• Digital & Creative £50k to £1.5m – A flexible equity for growth orientated businesses operating within the digital and creative sector.
You must supply the following:
• A business plan.
• If you are an existing business your last 3 years accounts and up-to-date management accounts.
• Two years forecasts, covering profit and loss, balance sheets and cash flow.
To check your business eligibility and submit your application visit www.thenorthwestfund.co.uk, a Fund Manager will then contact you to discuss the details and plan the next steps.
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