GC Business Finance Helps 200 Entrepreneurs on Their Path to Success with NPIF Fund
200 businesses in the North West have received a total investment of £13 million from the Northern Powerhouse Investment Fund (NPIF). The funding, facilitated by NPIF-GC and River Microfinance, managed by GC Business Finance (GCBF) and River Capital, has been allocated to small businesses in the region since 2017, with loans ranging from £25,000 to £100,000.
GCBF, a not-for-profit organization, is responsible for disbursing loans to businesses in Greater Manchester, Cheshire, Warrington, Lancashire, and Cumbria. Simultaneously, River Capital focuses on identifying lending opportunities in the Liverpool City Region.
Recent investments include a £55,000 loan to 9Ways Digital Media, a digital media solutions business in Stockport, to enhance its working capital, and a £35,000 loan to REAX, a Blackpool-based specialist access and rescue training business, to strengthen its team of training instructors.
GCBF, leveraging a fintech platform, offers crucial support during the application stage and collaborates with entrepreneurs throughout their scaling journey. The organisation uses data to assess eligibility and expedite decision-making processes. Analysing the geographical distribution of funds, GCBF and River Capital have supported 84 businesses in Greater Manchester, 45 in the Liverpool City Region, 37 in Cheshire and Warrington, 28 in Lancashire, and 6 in Cumbria.
Although NPIF fund managers adopt a sector-agnostic lending approach, the information and communications sector comprises 11% of the loans, while administrative and support services, along with manufacturing, each constitute nine percent.
Paul Breen, director of GC Business Finance, said: “We’ve worked hard over the past few years to develop a market leading fintech platform that enables us to distribute loans more quickly and effectively to entrepreneurs in all corners of our region.
“We’re proud to have supported so many dynamic companies that have huge potential to become leaders in their field as they launch incredible products and services, develop the next generation of talent, and constantly look for new ways to innovate.”
Keira Shepperson, director at the British Business Bank, said: “The partnership between the Northern Powerhouse Investment Fund and our fund managers showcases the strength of public-private sector collaboration in fostering regional economic transformation. So many early stage businesses have been underserved when it comes to accessing finance, and we’re delighted that GC Business Finance and River Capital have been able to reach this significant milestone to provide a boost to the next generation of entrepreneurs across the North West.”
Launched in 2017, NPIF was established by the British Business Bank to address the regional imbalances in access to finance by providing between £25,000 and £2m in equity, debt and micro finance to Northern businesses.