Liverpool-based funding provider MSIF is looking to further support and expand its offering to SMEs across the North West impacted by the Covid-19 pandemic.
As an accredited lender of the Coronavirus Business Interruption Loan Scheme (CBILS), MSIF has, through its Merseyside Loan & Equity Fund (MLEF), made £1million of its own capital available to support businesses under the scheme with loans of up to £250,000.
Having recently completed its first investments, further applications are now being welcomed with such support being in addition to MSIF’s flexible funding options for debt, equity and start-up finance.
In addition to this, MSIF and GC Business Finance can offer CBILS backed loans from their £10million Northern Powerhouse Investment Fund (NPIF) Microfinance Fund across the whole of the North West for SMEs looking to fill the funding gap, for both growth and development projects. Loans from £25,000 to £100,000 are available with CBILS backed loans from £50,001 subject to eligibility to businesses impacted by COVID.
With the expanded offering on CBILS backed funding, MSIF aims to encourage further resilience for manufacturing, tech, digital, creative and life sciences sectors in particular.
Paul Humphray, Investment Director commented; “Covid-19 has dramatically changed the market as we know it and MSIF wants to do everything it can to support those businesses that had real potential prior to the pandemic, and may now need funding to help in their recovery."
“It’s a time of significant change and we need to adapt and make our services available to SMEs who need it most. We are pleased to see the positive impact the CBILS has made to businesses across the North West, now we want to help fill the gap in funding to ensure resumption of growth for a strong and thriving economy.”
Janice Mears, Head of Business Growth at Growth Platform said: “We need to ensure businesses across the city region are fully supported so that they can continue to operate and help our city region recover from the far-reaching impact of COVID-19. The services available from MSIF are invaluable in supporting our businesses and I would encourage any business seeking funding for recovery or growth to get in touch with them or alternatively visit the Growth Platform web site where we have brought together all vital and relevant business support and advice under one platform.”
Grant Peggie, Director at the British Business Bank, said: “During this time, the Northern Powerhouse Investment Fund is offering an alternative route to funding for businesses seeking support. MSIF is one of our six Fund Managers accredited to deliver CBILS loans on behalf of NPIF and we are proud to work in partnership with them to help firms in the Liverpool City Region and the wider North West to ensure that the North remains a prosperous region going forward.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union, using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
NPIF was established in 2017 with the aim to deliver a range of funding options to ambitious and high-growth SMEs to aid expansion and create economic prosperity in the North of England. Liverpool is one of the funds’ 10 Local Enterprise Partnership (LEP) areas in which NPIF has made an impact by helping businesses seeking investment to accelerate their growth. The Fund offers a range of finance options including micro-finance, debt finance and equity finance, with investments ranging in size from £25,000 to £2m.