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…
Click on the link below to read the rest of the Gateley briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Briefings from Gateley Plc
With effect from 1 October 2015, the right to take a short service refund from a defined contribution occupational scheme will be abolished.
Being sued is bad, but it’s worse if you are running up substantial costs in defending a claim while in fear that the claimant may not have the means to compensate you if you win.
Analysis from The Lawyer
Gateley bigshots see personal wealth soar on flotation, but face penalties for early exit .
Gateley is to float on the London Stock Exchange, becoming the first UK firm to list itself as a public limited company. But why would a firm would look to float, and what it could mean for the industry?