NEWS > First loans for Northwest Interim Loan Fund
Published: Friday, 09 Apr, 2010
The Northwest Regional Development Agency, NWDA, and the European Regional Development Fund, ERDF, were delighted to announce the first Interim Loan awards on 05 April 2010, just days after the first Interim equity investment was announced. The first Interim Loan of GBP100k has been awarded to
The Northwest Regional Development Agency, NWDA, and the European Regional Development Fund, ERDF, were delighted to announce the first Interim Loan awards on 05 April 2010, just days after the first Interim equity investment was announced. The first Interim Loan of GBP100k has been awarded to Sovex Ltd., one of the UK leading conveyor manufacturers in the UK. The company employs almost 100 people and manufactures some of the most significant conveyor technical developments in the UK.
The second Interim Loan of GBP125k has been made to SHOKK Ltd. a global company that specialises in physical activity, health and fitness for the youth sector. The company, with a Northwest base in Trafford, is growing and is now taking larger enquiries and orders as its reputation increases in the UK and internationally. Plans are also in place to roll out more facilities under the successful SHOKK ‘Youth Gym’ brand and franchise model. The company requires funding to meet the growing demand and the associated working capital for stock requirements. The Interim Loan will help SHOKK to continue their high growth strategy and long term development plan, with an additional GBP125k loan under offer with the company.
The Interim VCLF, managed by YFM and AFM, has received a high level of enquiries. Businesses interested in VCLF funding should contact Business Link Northwest.
The first equity investment of Interim VCLF was announced last week, to Fresh T, a computer software and service company. Fresh T is looking to develop their business and establish a foothold in the growing Cloud Computing market (Internet-based computing, whereby shared resources, software and information are provided to computers and other devices). An investment of GBP300k has been issued to the company which will see the company move into the Daresbury Science and Innovation Campus.
The Interim VCLF is a combination of loan, equity and quasi equity funding to support business growth. Loans range from GBP50,000 to GBP250,000 with Equity and Mezzanine finance available up to GBP1m for initial investments.
For more information on Finance for Business please visit: http://www.nwdabusinessfinance.co.uk/
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