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03/10/2012

Manchester business receives six-figure loan from The North West Fund for Business Loans

The North West Fund for Business Loans, managed by FW Capital, has now lent over £8.5 million to businesses in the North West.  Manchester-based Eternity Football 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 come up with loans to support their growth.”

Sports fashion brand, Eternity Football (Eternity) has received a six-figure loan which has provided the company with the capital to purchase the stock it needs to expand and also to take on more staff to cope with the extra demand. 

Old Trafford-based Eternity designs manufactures and distributes under licence sports fashion apparel to football clubs and other professional sports operations.

Eternity currently supplies over 45 clubs in 13 countries and its client list reads like a ‘who’s who’ of top names such as Athletico Madrid, Chelsea Villa, Bayer Leverkusen, Rapid Vienna, Lokomotiv Moscow, Montpellier, AS Roma and Tottenham Hotspur.

Neeraj Takiar, Managing Director of Eternity, said: “Football is a way of life for many loyal fans who are proud to sport their team’s colours.  We create unique fashion and lifestyle collections for our clients in line with fashion products found on the high street.”

“The clubs’ demand for our collections is really high because we understand the end consumers’ requirements and act as consultants to our clients to help them increase their merchandise and licence revenues, as well as increasing their brand footprint.

“Our order book is buoyant and we’re continuing to secure new business.  This loan will give us the capital we need to fulfill new orders and strengthen our position in the market and move into new markets,” Takiar continued.

Phillip Hargreaves explained why FW Capital was a keen to lend to Eternity:  “Sports fashion is increasingly popular with style and value-conscious consumers of all ages.  Eternity’s designs appeal to fans and consistently sell well.  Its existing client list is already impressive and we look forward to seeing more well-known names being added to it as the company grows.”

The North West Fund for Business Loans continues to make 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: “This 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