UK-based private equity firm Maven Capital Partners has been appointed as sole fund manager for the new Greater Manchester Loan Fund.
The vehicle will provide funding to SMEs in the Greater Manchester area. It will lend up to £20m to companies that have existing cash flows but are over-geared or under-capitalised.
The fund, which is backed by The Regional Growth Fund and the Association of Greater Manchester Authorities, will focus on providing funding packages of between £100,000 and £500,000 to eligible SMEs.
Maven Capital investment director Ryan Bevington said, “Access to flexible finance remains a major challenge for SMEs looking to maximise their growth potential.
“The Greater Manchester Loan Fund will offer valuable and welcome support to ambitious local businesses.
“Maven has a long standing presence in Manchester and a track record of successful investment in the North West, and has seen at first hand the difficulties SMEs are experiencing when seeking the funding that will help them exploit market opportunities.”
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