North West Fund Hits 125 Million
A fund that was set up to provide finance to SMEs has now invested more than £125m and has so far supported more than 375 companies.
The North West Fund was established in 2010 and financed by the European Regional Development Fund and the European Investment Bank. The fund said it had leveraged a further £95m of private investment and delivered a wider economic benefit of £60m in the North West.
Chief executive of the North West Fund Cliff Maylor said: “This milestone is a fantastic achievement for the organisation, but what’s more impressive is the funds that have been invested into more than 375 businesses.
“The number of jobs created is a reflection of how hard our sub-funds have been working to impact the region’s businesses at different stages in their lifecycles.
“As the economy continues to grow and confidence remains high, it is important that we continue to provide an attractive alternative to lending. With more funds left to deploy, we look forward to working with more companies in Greater Manchester to support their long term growth objectives.”
One business has secured a £750k investment package from the North West Fund for Digital and Creative. RealityMine, a leading provider of mobile research technologies and behavioural data has enjoyed a fantastic six months since receiving their funding.
Chief executive of RealityMine, Garry Partington, said: “The funding package we received from The North West Fund has enabled the business to focus on expansion, and set ambitious growth targets.
“We are continuing to expand our business across three continents simultaneously, and I’m looking forward to growing our team in Manchester with the support of The Fund.”