Merseyside Special Investment Fund (MSIF) has announced it can now begin accepting expressions of interest for its new High Growth Business Investment Programme funded by the Regional Growth Fund Round 6 Programme (RGF).
MSIF bid for a £5m share of the RGF pot to allow it to invest £75k to £1m by way of grants.
Finance can be used for businesses wanting to expand or relocate in the Liverpool City Region and create or preserve jobs in the area.
This can include capital to fund new premises and extension or upgrade of premises as well as investment for new equipment. Additional related expenditure on training, research and development, and employing disabled or disadvantaged workers can also be included.
The grant provided through this fund can total up to 20% of the overall project cost with the remainder coming from other sources of finance or applicants’ own funds.
MSIF’s COO Lisa Greenhalgh said: “This funding will support businesses with larger expansion projects and complements the Merseyside Jobs and Growth Fund being managed by St Helens Chamber which will provide grants of up to £75k for smaller developments."
“The grant can contribute 20% of the total cost of a project however we can look at providing additional investment via MSIF’s other loan funds, to fund part, or all, of the overall finance package required."
“We were delighted to be successful in our bid to manage this latest round of RGF which further strengthens our offering and will encourage business growth and create job prospects across the region. "
“MSIF has been investing in the area for 21 years and we have an impressive track record of supporting businesses through various growth stages. Many of the businesses MSIF supported have gone on to become bigger employers which has significantly benefitted the local economy. It is important for investors, whether public or private sector, to see that the money is being invested by organisations that have the knowledge and experience to make sound investments."
“We would like to encourage any businesses considering expansion to come and talk to us. Applicants can only be accepted prior to any spend being committed on the specific project it relates to, so we ask any businesses with growth plans in mind to speak to us as early as possible so we can assess if they are eligible.”
MSIF has invested over £157million in over 1800 businesses which has created/safeguarded over 14,500 jobs and brought in over £291million of private sector investment to the region.