The Greater Manchester Loan Fund (GMLF) is celebrating its third anniversary, having already invested over GBP10 million in 22 local businesses.
The GMLF has the potential to invest up to a further GBP10 million, through loans of between GBP100,000 and GBP750,000 to eligible businesses.
Andy Thomas, investment director at Maven Capital Partners, the fund Manager for the GMLF, says: “The GMLF is very much open for business and we’ve been hugely encouraged by the levels of interest in the fund. We’ve seen a wide cross-section of businesses by sector and funding requirement, with applications from relatively mature businesses through to younger companies operating in expanding markets. Businesses and advisers should be assured that options for flexible growth-based loans are still available.
“The GMLF provides flexible loan finance and we have seen high levels of activity and enquiries in our fund in recent months which we believe may be due to the number of similar options in the market narrowing. However I’m convinced there are many more innovative and ambitious companies in the region currently looking at their growth strategies which could benefit from our loan finance.”
Launched in August 2013 by the Greater Manchester Combined Authority (GMCA), the fund was established to provide flexible finance solutions to businesses throughout the region in order to encourage growth while creating and safeguarding jobs.