Close Brothers Asset Finance today announced that so far it has helped create and safeguard 5729 jobs across the country using two rounds of funding from the Regional Growth Fund (RGF).
The £30m allocated under round three of the programme helped establish 2204 new jobs and protect a further 1324 across 780 small and medium enterprises. Round five is now underway, and to date a further 552 SMEs have received £15.5m out of a total of £40m, forging an additional 1460 jobs and safeguarding another 742.
Mike Randall, Chief Executive, Close Brothers Asset Finance, said: “The £45.5m we’ve distributed so far has in turn created over £289.8m in investment and we’re proud to have been a part of an initiative that helps so many small and medium sized firms in the country. We know our customers because we are industry specialists and have built long term relationships with them – therefore we are able to offer flexible funding solutions backed up by the Regional Growth Fund. SMEs really are the bedrock of the economy and we want to carry on supporting them in the best way possible. We continue to allocate funds from round five, and look forward to distributing funds to many more businesses in the regions.”
Overall, £41.4m of the funds have been distributed to firms outside of London and the South East, with 21% allocated to small and medium enterprises in the North East, 23% to businesses in the Midlands, 20% to business in the North West, 14% to firms in the East of England and 14% to those in the South West.
Randall concluded: “Secured lending is ideal for SMEs but many lack the resources to fund necessary deposits, so our programme targets the needs of these businesses directly. We’ve found that the structure and obligations of the RGF are easy for businesses to understand and execute and with its help we have been able to reach the type of business where the money is most needed and has the greatest impact.”