Enterprise Ventures, which specializes in providing finance for small businesses, has launched a new £40m private capital loan fund.
Backers included Santander UK plc and Greater Manchester Pension Fund.
Led by Chief Executive Jonathan Diggines, Enterprise Ventures SME Loans will provide up to £1m to established SMEs in all sectors and in all areas of the UK.
Loans, available for all purposes, including acquisitions, asset purchases, operational improvement and business development, are available to businesses which have been trading for three years or more and which have current or anticipated £100k operating profit and a minimum turnover of £1 million.
The launch brings Enterprise Ventures’ total funds under management to £200m. The firm has offices in Liverpool, Manchester, Preston and Dodworth, near Barnsley.