North-West ┬ú140m loan fund gets green light
The North-West’s long-awaited ┬ú140m venture capital loan fund, originally earmarked for April 2008, has recently been given the go-ahead and is expected to be released early next year.
According to TheBusinessDesk, the proposal drawn up by the Northwest Regional Development Agency (NWDA) involves borrowing money from the European Investment Bank, and then having this fund matched by the European Regional Development Fund.
Complications reportedly came about as a result of regulations stating that the agencies cannot borrow money, therefore central Government had to identify an alternative solution in order to allow the scheme to proceed.
Following a lengthy wait and a number of setbacks, a spokesman for the NWDA has now confirmed that the fund should now be available from next April.
This will bring a welcome boost for businesses in the region and is expected to bring some relief from the recession.
Visit www.nwda.co.uk for more details on the NWDA, or visit our small business resource centre for help and advice in relation to setting up or growing a business.