Maven Capital Partners has been selected as fund manager of the new £20m Greater Manchester Loan fund, which will lend to small and medium sized firm’s in the Manchester area.
The public sector has committed resources to the fund via the Regional Growth fund and the Association of Greater Manchester Authorities.
The fund will provide loans between £100,000 and £500,000 to SMEs up to an aggregate of £20m.
Maven Capital Partners investment director Ryan Bevington says: “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.”
Chair of the Greater Manchester Combined Authority and leader of the Wigan Council Lord Peter Smith says: “Across Greater Manchester, small and medium-sized businesses all agree that access to finance is hindering their growth.”