River Capital, a fund manager based in the North West, has secured a new investment of £10m from the Greater Manchester Pension Fund and delivered by private credit investor TDC to grow its North West Business Growth Loans Limited (NWBGL) product. NWBGL, established in 2022, offers an alternative form of loan finance to SMEs in the North West, enhanced by traditional sources such as banks. The new funds reflect the high demand the product has received so far and are in addition to the existing £8m from cornerstone funder MSIF.
Loans are available to trading SMEs operating in most sectors with a particular focus on those demonstrating a positive social impact and ESG outcomes as a result of the finance. They can be used to support working capital, capital expenditure, acquisitions, management buyouts and other growth related activities. Since its launch, NWBGL has provided over £2.2m to 10 businesses, which are anticipated to create over 100 jobs. Recently supported SMEs include Shopify agency Velstar Limited and Designerwear, an ecommerce brand for men’s fashion.
This injection from GMPF and TDC will raise the maximum loan offering to £500k and support over 80 SMEs in the North West, creating more than 700 jobs. River Capital intends to continue its mission of fuelling the goals of SMEs and driving economic growth, especially as businesses, particularly SMEs, continue to face challenging trading conditions. The access to vital funding often remains a challenge which NWBGL aims to address. River Capital is delighted to work with GMPF, TDC and MSIF to create a significant positive impact in the region.
Mark Metcalf, Head of Operations at TDC, reinforces that investment in the North West is crucial to address the historic imbalances and support job creation, alongside innovative businesses. River Capital is an ambitious investor helping to achieve this goal.
Overall, River Capital is delighted to receive this significant investment to further support the region’s SME community and broaden funding options for SMEs in the North West.
