GM Investment Fund

GMIF provide larger loans to existing businesses, which they believe can be significant to the economic development of Greater Manchester. Loans below £500k are provided through the GM Loan Fund, managed by Maven Capital Partners. Most businesses supported by GMIF directly are later stage, well established companies. Whilst they will look at pre-profit companies, their aim is not to take high levels of risk.

£500k – £5m

Any sector within Greater Manchester geographic area

Funding for growth

GMCA RGF pot (£60m)

The GMIF is a fund managed by the GMCA which is designed to encourage business growth and job creation in the Greater Manchester area. Loans of between £0.5m and £5m are available to eligible companies, which are having difficulty accessing traditional forms of finance via the private sector. Loans will typically be for terms of up to five years with commercial interest rates which reflect the risk profile of the business.

Projects can qualify if:

  • They have been turned down by a bank or other lender but can sustain a level of debt repayment.
  • There is a funding gap (ie the business has secured some financing but needs additional debt support to proceed).
  • They demonstrate a clear link to jobs secured within Greater Manchester.
  • The focus of the programme is on new job creation, but jobs safeguarded will also be considered.

Investment approval process within the GMIF team.

Example companies

James Briggs

Manufacturer of aerosols and consumer chemicals.

Why they invested

This large manufacturer of aerosols and consumer chemicals got funding to support their £5.5m investment in better IT, automation, packaging, infrastructure, marketing and development. “Our growth plan ensures job security and means we can create up to 50 new jobs”, says financial director Simon Tuley. “The GMCA funding is great news for James Briggs and our local suppliers.

Reality Mine

Technology tools for gathering consumer behavior data.

Why they invested

Reality Mine devises technical solutions for collecting consumer behaviour and market reserach data. It estimated that its investment fund money would triple its turnover in 2015.