The government-backed bank has partnered with MSIF – a Liverpool-based loan and equity provider – to launch the North West Business Growth Fund.

The fund is the first investment fund under the British Business Bank's Help to Grow programme and will support established businesses which are seeking development capital.

MSIF will deliver the fund and invest in companies in the Liverpool region and across the North West and north Wales by providing loans of between £250,000 and £1m.

“The British Business Bank is committed to ensuring that smaller businesses across the UK are able to access the finance they need to grow and succeed,” said Geoff Whiteland, director for Help to Grow at British Business Bank.

“We are therefore delighted to be announcing the first fund investment of our Help to Grow programme.

“The North West Business Growth Fund will enable additional capital to be invested in promising smaller businesses in Liverpool and the surrounding regions, helping support their growth ambitions.”

Lisa Greenhalgh, CEO of MSIF, added: “We are excited to be launching this new £15m fund jointly funded by MSIF and the British Business Bank to enhance our full product offering.

“We are delighted to be able to further support SMEs across the Liverpool City Region, and also the wider geography of the North West and north Wales.”