Following the recent launch of their dedicated Coronavirus Recovery and Resilience Fund [CRRF], Liverpool-based funding provider MSIF has reinforced its support for North West SMEs impacted by the Covid-19 pandemic by increasing its commitment to the CRRF to £3million.
The CRRF is available to support businesses which were viable prior to the Covid-19 pandemic but have been adversely affected by its impact. The fund is supported by the government’s Coronavirus Business Interruption Loan Scheme [CBILS] guarantee, and can provide loans of up to £250,000 per applicant, without the need for any personal guarantees.
Under the scheme, the government will also cover the first 12 months of interest payments and any lender-levied fees.
Mark Borzomato, CEO of Alliance Fund Managers [AFM] (MSIF’s fund manager subsidiary responsible for delivering the CRRF) commented:
“The additional funding from MSIF will be very warmly welcomed by businesses who continue to go through a period of incredible challenge and uncertainty. Whilst 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.
“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. 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.”
John O’Brien, Chairman of MSIF, added: “These continue to be unprecedented times. Whilst some aspects of the economy are starting to recover given easing of lockdown and social distancing restrictions, SMEs continue to face considerable challenges as they look to manage the impact of the pandemic. In the midst of this adversity, it is imperative that MSIF play its part in supporting the region’s SMEs. We are delighted to provide our further support to the CRRF.”