NWDA begins 140m venture capital loan fund

The Northwest Regional Development Agency (NWDA) has today launched its £140m venture capital loan fund, as revealed in the June 23 issue of Crain’s Manchester Business.

The agency held an event in Warrington attended by Treasury ministers Yvette Cooper MP, Jane Kennedy MP, Regional Minister Beverley Hughes and around 100 business leaders.

The £140m Venture Capital Loan Fund consists of £70m of European funding which will be used to support small and medium-size businesses unable to raise finance on the open market because its funding requirements are too small for commercial equity funders.

A £40m package to stimulate business investment in skills has also been announced and a new £10m programme has been set up to support high growth business.

“Obviously businesses can access financial support from a wide range of channels but what we are doing is strengthening, to reflect changing business concerns,” said the NWDA’s chief executive, Steve Broomhead. “Businesses are now telling us that access to finance is their number one priority and we are making sure our services reflect that need.”

This £140m fund, a priority project of the European Regional Development Fund 2007-13 programme, is now out to tender and will be ready to take applications early in 2009.

http://www.crainsmanchesterbusiness.co.uk/apps/pbcs.dll/

Email to a friend email

Print version print

Comments

Business Financial Services

NWDA begins 140m venture capital loan fund