Bigger loans for more business
Having already lent £12m to over 75 businesses from The North
West Fund for Business Loans since 2011, FW Capital has been given
another £10m to lend to established SMEs. The beefed up fund has a
new name -The North West Fund for Loans
Plus and can
now lend up to £750,000 at a time.
FW Capital Fund Manager, Gary Guest explains why he thinks this
could be a confidence boost for even more North West SMEs.
As the UK continues to endure one of the most turbulent periods
in its economic history, it’s no surprise optimism is in short
supply and business confidence is at best patchy.
Despite this, FW Capital can report some real success stories
where strong, resourceful management teams have combined their
ingenuity with a North West Fund loan to achieve growth - and in
some cases - quite extraordinary growth.
A £250,000 loan was a real shot in the arm for one business
backed by The North West Fund for Business Loans in 2011 and its
turnover has increased dramatically from £3m to £45m. In this case
we were able to work with the management team to take a pragmatic
look at the business's longer-term plans and consider a range of
factors other than available security.
This is one business that has successfully adapted to what the
current economic climate is throwing at it and FW Capital can point
to a number of similar examples in its portfolio. We've found that
our flexible approach has been well received by these businesses
and hopefully boosted their resolve in tough times.
With an extra £10m to lend and a three-fold increase in the
maximum loan size to £750,000 FW Capital hopes that its approach
will appeal to even more established North West businesses, their
banks and advisers.
For more information about our funding opportunities