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North West funding for B2B companies
by Fiona Cresswell on 27 January 2012
Finding the cash to run a smaller business is a problem faced by many of our clients at the moment. For some, bank funding simply isn’t an option.
I went to a meeting with a senior investment executive from FW Capital to explore other ways SME’s may be able to raise funds.
The North West Fund
We talked about the availability of funding through ‘The North West Fund’. The North West Fund is £170m funding pot that has been split between 6 fund managers. Each fund manager has its own specific target market and criteria. FW Capital are responsible for deploying the Business Loan fund of £35m and could be useful to businesses who need funding where banks are refusing to help.
The other funds are more akin to equity funding and are targeted at specific sectors; Energy & Environment, Biomedical and Digital & Creative. There is also a Venture Capital fund for start ups and a Development Fund for expansion.
In terms of access to the Business Loan fund, firms can apply for loans between £50k – £250k and will need to have a convincing business plan on future prospects. They will look at stock financing, working capital and contract finance. However they will only lend to B2B firms not B2C.
Our experience shows that many B2C businesses are struggling and it’s a shame that these companies can’t access this fund.
However, it is an alternative avenue for some businesses and it would be great to hear from anyone who has successfully accessed the fund.
If you want any further information on this blog post please contact us.
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