Newly 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 £8m fund which will provide loans of up to £300k to support SMEs throughout the North West, with a particular focus on the Liverpool City Region.

Having recently refreshed its identity and as part of its ongoing growth strategy, the launch of the Business Growth Loan Fund (BGLF) is the first of several impending announcements set to be made by River Capital.

The BGLF is funded by Merseyside Special Investment Fund as part of its ongoing commitment to support SMEs in the North West and will provide an alternative form of loan finance complementary to more traditional sources such as banks.

In a time when businesses are still navigating the aftereffects and implications of Covid-19 as well as significant economic challenges, the fund seeks to provide finance for working capital, capital expenditure, acquisitions and management buyouts.

From early stage to more established SMEs, companies at all points of development and from most sectors can apply for funding. Applications from those who demonstrate evidence of strong social values and positive ESG impact are “particularly welcomed”, with the fund also targeting the creation of over 320 jobs over its life.

Local businesses are already beginning to benefit from the new fund with the first loan drawn and several further deals imminent from a strong pipeline of opportunities.

Investment manager and BGLF lead Jim Moore commented: “Launching the new direct lending fund reconfirms River Capital’s commitment to investing in SMEs in the North West and provides businesses with opportunities when funding from other avenues is challenging to obtain.

“The effects of the last two years have made business lending more complex than ever, and we are pleased to be able to assist qualifying companies in growing, creating, and safeguarding jobs and helping communities in the North West region prosper.

“We encourage businesses from a range of sectors, particularly those with strong social values, to contact us to discuss their financial needs and determine whether we can provide support moving forward”.

John O’Brien, chairman of MSIF, the investor in the BGLF added: “The Business Growth Loan Fund, managed by River Capital, is a further demonstration of MSIF’s commitment to supporting SMEs with strong social values in the Liverpool City Region and wider North West.”

By Matthew Neville – Correspondent, Bdaily

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