Business Finance Solutions (BFS) has announced its first award to a business from the newly launched £3m North West Fund for Micro Loans.
The North West Fund for Micro Loans www.thenorthwestfund.co.uk, which is managed by BFS and the Merseyside Special Investment Fund (MSIF), has been closely tailored to the investment needs of the region’s businesses. The £3 million Fund provides loans of £25,000 to £50,000 to businesses at all stages, whether they are just starting up or looking to expand.
BFS has awarded the loan of £49,500 to Greener Surfacing www.greenersurfacing.co.uk which harvests old road surfaces and uses a hot recycling process to produce new quality asphalt. The company, which spent two and a half years researching and developing the patented recycling method, then sells the asphalt to local authorities and contractors for use in roads, pavements and car parks. Greener Surfacing is currently the only company in the UK exclusively trading in re-cycled asphalt commercially.
Based in the Kingfisher Business Centre in Rawtenstall in Lancashire, the business has already recycled and sold over £200,000 of road planings and will be using the loan to set up an additional plant in the North West. Greener Surfacing owner Nick Antrobus also has plans in place to develop additional production sites across the UK and to create a range of new factory and office based jobs as the business expands.
Paul Breen, Director of BFS which jointly manages The North West Fund for Micro Loans, said: “We want to make it easier for people to access the finance they need to start up or grow the kinds of businesses that will help the economy thrive. We know there is a real appetite for this level of investment of between £25,000 and £50,000, especially for those companies who may not have been able to secure funding from traditional lenders.”
Greener Surfacing owner Nick Antrobus from Rawtenstall said: “As well as having a positive impact on the environment, recycled asphalt also costs considerably less than a new road surface. We have spent almost three years developing our manufacturing process and have already established a solid client base and a very scalable business.
“The Micro Fund loan will now enable us to spread our recycling operations across the North West, while keeping our business headquarters in Rawtenstall. This enables us to establish a much stronger position within the industry and to capitalise on the potential we see for our business to expand and diversify, creating jobs and economic growth for the North West.”
Businesses interested in applying to The North West Fund for Micro Loans can complete an online application form at www.thenorthwestfund.co.uk or contact the team on 0161 245 4952 or at firstname.lastname@example.org
The North West Fund for Micro Loans is part of The North West Fund, a substantial evergreen fund supported by the European Investment Bank and European Regional Development Fund to supply debt and equity funding to growing small and medium-sized enterprises in the North West of England.