Greater Manchester Loan Fund hits £10m milestone

The Greater Manchester Loan Fund (GMLF) has now invested more than £10m in 22 local companies, according to new data.

The GMLF, which is this month celebrating its third anniversary, said it still has the potential to invest a further £10m through loans of between £100k and £750k.

Launched by the Greater Manchester Combined Authority (GMCA), the GMLF was established to encourage growth and create or safeguard jobs by offering flexible finance solutions to firms based throughout the region.

Private equity company Maven Capital Partners is the fund manager of the GMLF.

Andy Thomas, investment director at Maven, said: “The GMLF is very much open for business and we’ve been hugely encouraged by the levels of interest in the fund.

“We’ve seen a wide cross-section of businesses by sector and funding requirement, with applications from relatively mature businesses through to younger companies operating in expanding markets.”

The GMCA’s lead member for investment and finance, Cllr Kieran Quinn, highlighted the importance of the joint working between public sector partners to make the fund a success.

He said: “This fund sets Greater Manchester apart from other regions in the eyes of those looking to invest and grow their businesses in the area.

“The strength of the partnership and co-operation between local authorities here is arguably unlike anything anywhere else in the country.”

Cllr Quinn continued: “It’s the 10 local councils’ relentless drive for equitable growth across the conurbation that brought us together, led to the creation of this fund and resulted in such significant investment in local businesses and the job creation associated with that.”

Finance for the GMLF is provided solely by the GMCA and will not be affected by Britain’s recent decision to leave the European Union.