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23/09/2015

Loans from The North West Fund for Loans Plus top £35 million, creating or safeguarding 1,700 jobs

Established businesses throughout the North West have benefitted from over £51 million of investment since 2011 thanks to The North West Fund for Loans Plus, creating or safeguarding over 1,700 jobs.

Fund Manager, FW Capital has lent over £35 million to nearly 200 businesses in the region, attracting an additional £16 million of private sector investment.

Commenting on the long-term impact of the loans, FW Capital Fund Manager Gary Guest said: “This is a significant milestone both for the businesses we’ve invested in as well as the economy of the North West.  We’ve met some hard-working and successful business owners in every county of the North West over the last 5 years. 

“Our loans are providing these business owners with the backing they need to build and expand their businesses.  These businesses are already making a significant contribution to the region’s prosperity and I’m confident they’ll continue playing a key role in its future growth.”

The North West Fund for Loans Plus can lend between £50,000 and £750,000 to established small and medium-sized businesses (SMEs) in a range of sectors across the North West to help with a wide range of growth funding challenges.  The Fund is part of the £155m North West Fund, which is backed by the European Regional Development Fund and the European Investment Bank.

North West Marble & Granite boosts its team to 35

With a growing customer list that includes well-known high-street brands and major house builders, North West Marble & Granite has used loans totalling £300,000 from The North West Fund for Loans Plus to fund its continued expansion.

The loans have enabled the Manchester-based company to buy new stock and equipment, take on new staff and fit out a new showroom.

“The funding package we received from The North West Fund for Loans Plus was a lifeline for our business, securing the jobs of our existing staff.  We’ve been able to take the business into new areas more quickly than we would have been able to with traditional bank funding. It also enabled us to take on new staff and we now employ 35 staff working on a range of projects,” Dot Jones, Finance Director explained.

Intelling Group creates over 290 jobs

Intelling Group is a leading digital marketing and contact centre business and has created 290 jobs at its Wythenshawe headquarters since receiving a £500,000 funding package from The Greater Manchester Loan Fund and The North West Fund for Loans Plus in 2013.

Explaining the impact the funding has had to date, Group Managing Director, Phil Morgan said: “Intelling has grown significantly in a short period of time with the backing of the loan from The North West Fund for Loans Plus.  We’ve created over 290 new career opportunities within the business in that time, ranging from apprenticeships to senior executive positions.”

With its initial investment period ending in December this year and with funds left to invest, particularly on Merseyside, Guest is encouraging more businesses to contact his team to understand the options open to them.

“The North West Fund for Loans Plus was established to provide SMEs like North West Marble & Granite and Intelling with long-term growth capital and we’ve seen some real success stories:  24 of the businesses we’ve backed have exceeded their financial expectations and repaid early, while our star performers’ turnovers have doubled or even tripled.

“We work collaboratively with businesses, their advisers and other funders to ensure the businesses we back secure a funding package that works for them now as well as in the long-term and doesn’t limit their options in the future,” Guest continued.

FW Capital has an 11-strong team of investment and portfolio staff in the North West based in Liverpool, Manchester and Preston. 

SMEs seeking investment can contact the team at: thenorthwestfund@fwcapital.co.uk

  • Liverpool
    The Plaza, 100 Old Hall Street, Liverpool L3 9QJ
    T: 0151 600 5336
  • Manchester
    Lowry House, 17 Marble Street, Manchester M2 3AW
    T: 0161 638 9206
  • Preston
    7 Lockside Office Park, Lockside Road, Preston PR2 2YS
    T: 07879 690 468

North West Fund Loans Plus