MSIF extends COVID-19 SME lifeline by £3m
In June, Liverpool business loan and equity provider MSIF launched its Government-backed £1m Coronavirus Recovery and Resilience Fund, and is now adding extra funds. Tony McDonough reports
Liverpool business loan and equity provider MSIF is offering an extra £3m to small and medium-sized enterprises to help them through the COVID-19 crisis.
In June, MSIF launched its £1m Coronavirus Recovery and Resilience Fund (CRRF) backed by the Government’s Coronavirus Business Interruption Loan Scheme (CBILS), offering loans of up to £250,000.
The CRRF is available to support businesses which were viable prior to the COVID-19 pandemic but have been adversely affected by its impact. Under the CBILS scheme, the Government will cover the first 12 months of interest payments and any lender-levied fees.
Mark Borzomato, chief executive of Alliance Fund Managers (AFM), MSIF’s fund manager subsidiary responsible for delivering the CRRF, said: “The additional funding from MSIF will be very warmly welcomed by businesses who continue to go through a period of incredible challenge and uncertainty.
“While the resilience and adaptability of the region’s entrepreneurs has been impressive, challenges undoubtedly remain, and they continue to require financial support both to maintain their resilience and then look to recover to their pre pandemic state.”
Last week a north Liverpool provider of linen services to the hotel and hospitality sector, North West Linen Services, secured a £100,000 lifeline, via the MSIF support scheme, after its income plummeted due to the coronavirus.
“Having completed multiple investments since the CRRF’s launch in early June, we continue to see significant demand and receive numerous approaches for such support from SMEs across the Liverpool city region and wider North West,” added Mr Borzomato.
“We therefore look forward to deploying the increased funds, and would encourage potential applicants to contact us as soon as possible should they wish to discuss their potential requirements.”
If your business has been adversely impacted by the effects of COVID-19 and you are looking for funding support, contact info@msif.co.uk or call 0151 236 4040.