Enterprise Ventures has appointed Stewart McCombe as manager of The North West Fund for Mezzanine – the GBP15m fund which provides investment for fast-growing businesses.
The role marks a return to the world of finance for McCombe, a former corporate banker who spent over 20 years with Bank of Scotland. Since 2009 he has worked in the not-for-profit sector as a consultant and a trustee for a number of charities. McCombe has continued to work with businesses in the region as a coach with Winning Pitch and has provided young people with an insight into business through Young Enterprise.
The North West Fund for Mezzanine, created earlier this year, provides investment of GBP750,000 to GBP2m for established businesses seeking finance for growth. It is part of the GBP155m North West Fund, which is funded by the European Regional Development Fund and the European Investment Bank.
McCombe says: “I am passionate about developing a strong regional economy. The North West is home to a significant number of vibrant, dynamic businesses, led by some outstanding individuals. This wealth of business activity could help to kickstart growth, but for many, access to finance is required in order to do so. It will be hugely satisfying to be in a role where I can help provide that investment, which in turn creates jobs and generates wealth and opportunity in local communities.”
Jonathan Diggines, chief executive of Enterprise Ventures, says: “In addition to his background as a corporate banker, Stewart’s work with charities and SMEs has given him a broad skill set and wide range of contacts. He also shares our own belief in the importance of providing access to finance for small and medium sized businesses in the regions.”
