Q&A with the Greater Manchester Loan Fund
In this post, fund manager Andy Thomas of Maven Capital Partners details what the Greater Manchester Loan Fund (GMLF) is, who it is aimed at and the benefits associated with the fund.
What is the fund?
The GMLF was set up in July 2013 by AGMA, the 10 local authorities of Greater Manchester. It’s a £20m fund designed to fill the gap between higher-risk, higher-return equity funding and lower-risk, lower-return bank debt. Maven Capital Partners was appointed as sole fund manager and we have until 2018 to deploy all of the capital. As a fund manager, we have been targeted to preserve or create 800 jobs in the region over the lifetime of the fund, so we’re looking to work with ambitious businesses that are seeking to grow and create employment.
Who is it aimed at/suitable for?
The GMLF is aimed at businesses that have an established trading base within Greater Manchester that want to grow but need to raise loan finance of between £100,000 and £500,000. The fund has the ability to provide follow-on lending, so that we can ultimately provide up to £750,000 of debt to each borrower. We operate on a wholly commercial basis and therefore it’s important that borrowers have a sound business plan, which we will test during the course of our due diligence…
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