England 09/07/2013 – Since 1994, the MSIF has been investing in businesses based in the Merseyside area.
Today, the positive impact they have had is easy to see. When it comes to North West funding they are definitely the go to organisation. The fact they have been offering funding in the area since 1994 is part of the reason they are so well known. Over the years, the Merseyside Investment Fund has helped thousands of local SMEs to grow their business. Today, they are providing funding for 1,450 firms. Every kind of firm from sole traders to companies that employ up to 250 people have benefited from their funding.
Recently, demand for their funding and advice has grown even more. Many SMEs have struggled to find financing from banks and other financial institutions, so are increasingly turning to alternative funding sources. The organisation has invested £139 million in everything from restaurants to legal firms. An additional £251 million has been invested by the private sector with the help of the MSIF team. This funding has helped the firms who received the funding to create 13,700 local jobs.
Using local knowledge and connections with local organisations such as councils and chambers of commerce has proved invaluable. They are able to connect SMEs with the right people in local organisations to navigate processes and bureaucracy as quickly and efficiently as possible. In addition, they have connections with national organisations like The Federation of Small Businesses and The Manufacturing Advisory Service. This enables the organisation to keep the help and advice they give to local Merseyside firms current and, therefore, effective and relevant. Often the firms that they have helped in the past provide additional support and advice to new businesses.
Demand for MSIF services expected to continue to grow
Unsurprisingly, the staff at the MSIF expect to be even busier over the coming years. It seems that the response to a competitive job market has been for people to try working for themselves. As a result, there is a growing pool of small businesses that will soon need a small amount of cash to take the next step and begin to expand. This means that the MerseysideInvestment Fund will be kept busy for many years to come.