St Helens small businesses urged to apply for Coalfields Funds (From St Helens Star)

St Helens small businesses urged to apply for Coalfields Funds

10:00am Saturday 21st July 2012 in News

APPLICATIONS are being sought for a scheme that provides growth funding for businesses in former coal mining areas.

The Coalfields Funds offer sums of between £40,000 and £1 million to small and medium-sized businesses at all stages of their development.

The investment, which is in the form of equity funding, can be used to support start-ups and early stage businesses and provide growth capital for more established businesses. It also funds mergers, acquisitions and management buy-outs.

Applications are open to companies situated in the former Lancashire coalfield. This covers the area to the south-east of St Helens town centre, taking in Garswood, Billinge, Haydock, Thatto Heath, Parr, Sutton and Bold, Prescot, Clock Face, Rainhill and Whiston.

However, businesses that draw their workforce from these areas may also be eligible.

The Coalfields Funds was established in 2004 to support the growth of businesses and encourage entrepreneurship in the former English coalfields regions. So far, it has made around 30 investments.

The funds are managed by Enterprise Ventures, whose investment manager Paul Betts said: “At a time when many companies are struggling to find funding, we want businesses in eligible areas of St Helens to be aware that the Coalfields Funds can offer finance for growth and are actively seeking to invest.

“We are on the lookout for sound businesses with a solid growth plan and can offer funding for a wide range of purposes.

“We will also work with the management team, offering support and guidance to ensure the business achieves its full potential.”

For further details on the scheme, visit coalfieldsfunds.co.uk.