Launched by MSIF in 2017, the LCR Finance Hub has helped more than 2,000 businesses in Liverpool city region access £2m of investment and now it is to get an extra £600,000. Tony McDonough reports

A free hub that offer free support high-growth Liverpool city region SMEs and helps them access funding has secured an extra £600,000.

Launched in 2017, the LCR Finance Hub has, until now, been funding by Liverpool business loan and equity provider MSIF and, more recently, Growth Platform. It has helped more than 2,000 businesses to access £2m in investment.

Funding has been drawn from a variety of commercial sources and follows more than 180 referrals for funding or other non-financial support over the same period. A review of its existing performance in consultation with private sector funders and professionals showed that its current resource did not enable it to fully meet demand.

Now Liverpool City Region Combined Authority is to pump in an extra £600,000 as part of a five-year agreement. This, alongside the continued support of MSIF and Growth Platform, will enable the LCR Finance Hub to meet this demand by recruiting further staff and help more businesses.

Liverpool City Region Metro Mayor Steve Rotheram said: “Small and medium sized businesses have borne the brunt of the pandemic’s economic shocks. We’ve invested tens of millions of pounds to help safeguard people’s lives and livelihoods and keep the region’s economy afloat.

“Now, as businesses are beginning to think positively about the future again, we’re investing to give them access to free practical advice to help get them back on their feet and growing again. This extra funding will help the hub ramp up its brilliant work, attract more investment and create even more jobs.”

George Wright, Finance Hub lead, added: “We are delighted to see that the work of the Finance Hub over the last four years has been recognised with additional funding and look forward to working alongside our co-sponsors at the Combined Authority, MSIF and Growth Platform.

“Myself and the team are excited about the challenge ahead and believe that the enhanced service will significantly benefit businesses in the region and help to deliver additional economic growth.”

Click here to find out more about the LCR Finance Hub.