Millions for Merseyside
During the last 5 years over 200 businesses in the North West
including 69 in Merseyside have benefitted from loans from The
North West Fund for Loans Plus, managed by FW Capital.
Gary Guest, Fund Manager at FW Capital urges
more Merseyside businesses to take up the funding, which will not
be available after 30th June 2016.
Here he explains more:
What exactly is the Fund?
The fund was launched five years ago as
part of the £155 million North West Fund. It’s backed by the
European Investment Bank and the European Regional Development Fund
and was set up to help businesses achieve their growth plans.
How much can I borrow?
We provide loans from £50,000 to £750,000 in a single round
Who can apply for a loan?
- Limited Companies only
- The business must primarily sell to or
provide services to other businesses (over 50% of their
- Businesses from a wide range of sectors
are eligible for a loan. However certain sectors are excluded such
as property investment and development, agriculture, fisheries and
What about companies that have been trading less than three
Our loans can help young businesses as well as established
Is there any other criteria?
- The business can apply for a loan if it
has been unable to obtain all the funding it needs from its bank or
other primary lender.
- The new loan must be for growth. It cannot
be used to re-finance existing debt.
- The business must be able to service the
loan from its current or forecast profit/cash generation.
- The company has to be based in or
relocating to Merseyside
What can businesses use the loans for?
Loans can be used for a wide variety of
purposes related to growing or expanding a business, including:
- Costs associated with recruiting staff
- Purchase of business trading premises/improvements to
- Growth capital
- Stock purchases
- New equipment
What are the terms of the loan?
- Minimum term of 3.5 years and maximum term
of 7 years;
- Interest only periods are available at the
beginning of the loan, subject to underwriting;
- Our standard security is a debenture which
would rank after any existing lenders;
- We may require personal guarantees from
- Typical interest rates of 6% to 12% fixed,
depending security and risk profile.
What advice would you give to a business thinking of
Don’t be put off if you’ve previously been
unable to secure the funding you need. If you have a robust
business plan and can service a loan, we would be delighted to
discuss your requirements in more detail.
Contact the Merseyside team: