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03/10/2012

Cheshire business receives £190,000 loan from The North West Fund for Business Loans

Cheshire-based Mattroe Limited (Mattroe) is one of the latest to benefit from a loan as demand for loans from the Fund increases throughout the North West.

More than 50 loans have so far been made to established businesses in the manufacturing, engineering, wholesale, construction and business services sectors with more in the pipeline.
 
Since December 2010, The North West Fund has made over 120 investments totaling £30 million.  The funding is provided jointly by the European Regional Development Fund and the European Investment Bank.

FW Capital Fund Manager, Gary Guest said: “The North West Fund for Business Loans is continuing to prove popular with businesses across the North West.  Our flexible lending criteria are really attractive because our loans can be used for working capital as well as capital purchases.  We’ve met some interesting businesses and I’m pleased we’ve been able to provide loans to support their growth.”

The £190,000 loan to Mattroe has provided it with the working capital it needs to purchase more stock as well as to take on and train extra staff. 

From its Macclesfield base, it provides housing associations and local authorities with a ‘one-stop-shop’ supply and installation service to equip their properties with furniture and white goods.

Mattroe provides a unique, cost-effective service suited to residents’ specific needs, many of whom are vulnerable members of society.  Staff receive special training to deal with a diverse client base.

“We’ve developed a cost-effective service that’s tailored specifically for social housing providers.  We already have a strong client list but can see even more potential opportunities.  FW Capital’s loan has given us the working capital to expand our operations,” explained Peter Broom, Mattroe’s Managing Director.

Commenting on the loan, Investment Executive, Phillip Hargreaves of FW Capital said: “Mattroe targets a niche market with quite complex needs and cost drivers where service quality is paramount.  Its excellent reputation has created a great deal of interest in the company which has led to a number of expansion opportunities.”

The North West Fund for Business Loans makes loans of between £50,000 and £250,000 to businesses in the North West.

FW Capital is working with banks and SMEs on a wide range of funding requirements such as: stock purchases; capital expenditure to fulfill new orders; purchasing owner-occupied premises as well as helping banks with LTV constraints.
 
John McGuire, interim chief executive of North West Business Finance, the not-for-profit company set up to deliver The North West Fund, said:  “The latest deal illustrates the success of The North West Fund for Business Loans as a valuable source of debt finance for SMEs in the region.  Our investments, at The North West Fund are creating jobs and growth at a vital time for the region’s economy and we remain committed to inspiring the North West’s entrepreneurs.”

*The North West Fund for Business Loans has now been replaced by The North West Fund for Loans Plus.

North West Fund Loans Plus