More Merseyside firms urged to apply for North West Fund aid
Merseyside businesses have been urged to “punch their weight” after a poor response from the region’s firms to a £185m investment pot.
The North West Fund has European Union cash to invest and lend to small and medium-sized firms around the region before the end of 2015. It has earmarked a 40% share of that for Merseyside.
It can allot funding of between £50,000 to £2m for successful applicants.
New figures show that 971 applications have been received since December last year, but they also reveal that fewer than 20% of those have come from Merseyside firms.
That compares with 27.32% from firms in Greater Manchester; 20.26% from Cheshire; 16.53% from Lancashire; and 4.4% from Cumbria.
The figures also show that 12.10% of applications have been made by companies outside the North West who are willing to relocate to the region to qualify for the funding.
Andy Leach, chief executive of NWBF, the company established to oversee the delivery of The North West Fund, said: “Although some areas of the North West are well represented in terms of applications for funding, we would like to hear from more aspiring businesses in Merseyside and urge them to take full advantage of the funding on offer.
He added: “High growth sectors are leading the inward investment charge for the North West.
“It is encouraging to see that the funds we have created around three specific sectors with high growth potential, regional expertise, credentials, track record and infrastructure, are attracting strong interest from all over the UK which will help to create jobs for the region as they grow.”
Investments already completed for Merseyside firms include a £50,000 Pathfinder Investment for Liverpool- bound Aventé Medical Products and a £400,000 investment into fuel cell system developer ACAL Energy.
By 2015, the fund expects to create or safeguard almost 14,000 jobs and improve the economic performance of the North West with an estimated increase in GVA – the contribution to the UK economy – of £700m.
For more information visit: www.thenorthwestfund.co.uk
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