Firms urged to apply for funds

Cliff Maylor North West Fund
Cliff Maylor North West Fund
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Lancashire businesses have been urged to take advantage of the bumper funding from the North West Fund.

The fund is toasting a major milestone after dishing out £125m worth of funding to 375 of the region’s growing businesses.

Since it started in 2010 it has safeguarded over 3,500 jobs and leveraged a further £95m in private sector finance by providing debt and equity funding to small businesses.

But only 35 businesses in Lancashire have gained funding and Edwin Booth, Chairman of the Lancashire Enterprise Partnership, urged more people to apply.

He said: “The Fund is bringing new jobs and growth to Lancashire, but local businesses need to make sure that they take full advantage of the offer.

“We’re pleased that more than 35 businesses in the county have already got funding and we’ll continue working to get more money coming to Lancashire in the future.

“Alongside other funding this is proving to be an exciting time for the economy as a whole. This amounts to hundreds of millions of pounds that are directly helping businesses in Lancashire.”

The Fund is backed by the European Regional Development Fund and the European Investment Bank and provides finance from £25,000 to £2m to Lancashire businesses.

Cliff Maylor, CEO of The North West Fund, is looking forward to helping more businesses.

He said: “This milestone is a fantastic achievement for the organisation. 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 Lancashire.”