Firms in Liverpool city region secure a record £5.2m with help of LCR Finance Hub in the year to the end of March 2023 – the biggest total since its inception in 2017. Tony McDonough reports
Small and medium-sized firms in Liverpool city region have secured a record £5.2m in a 12-month period with the help of the LCR Finance Hub.
Originally founded by Liverpool business loan and equity provider MSIF in 2017, the LCR Finance Hub (previously known as the MSIF Finance Hub) is funded by the Combined Authority, MSIF and Growth Platform.
In the year to the end of March 2023, LCR Finance Hub handled a total of 555 enquiries from Liverpool city region-based SMEs. This led to £5.2m being drawn by businesses, surpassing its previous record of £4.4m.
The hub has now handled over 3,000 enquiries and supported SMEs in drawing more than £18.5m from a variety of funding sources since its launch.
It acts as a single access point to finance for SMEs trying to obtain external funding and assists businesses in creating individually tailored packages, ensuring an effective proposition is in place before applying for funding.
Funding secured by SMEs in the last 12 months having engaged with The LCR Finance Hub included 15 start-up loans totaling £267,000 and a £475,000 loan from the Liverpool City Region Flexible Growth Fund.
It also included a £1.1m angel investment for an app-based business and three deals in conjunction with LYVA Labs that included match funding from Innovate UK grants totaling £1.5m.
LCR Finance Hub lead George Wright said: “These record-breaking achievements are real evidence of the increasing capabilities of The LCR Finance Hub which result in unparalleled market knowledge.
“The significant investments we have helped to make happen over the last few years have enabled us to help grow and develop the Liverpool city region and by providing a free gateway for SMEs wishing to access external funding.
Metro Mayor Steve Rotheram added: “Small businesses are the backbone of our economy – accounting for 99% of all businesses in the region. They’re essential, not only to our current success, but to our long-term prosperity.
“By supporting LCR Finance Hub, we’re helping more SMEs in the region to access the advice and funding they need to take their business to the next level.”