New loan fund gives boost to sales jobs

More than £500,000 has been distributed to north-west businesses who are struggling to get commercial funding, which will bolster sales jobs in the region.

The Northwest Transitional Loan Fund (TLF), which is made up of funding from the European Regional Development Fund programme and the Northwest Regional Development Agency (NWDA), has awarded £650,000 in its latest round of loans.

Seven companies have been awarded the money and include Wolfe Designs, Jaftextil Soft Furnishings and Siltint Industries.

Steven Broomhead, chief executive at the NWDA, said: "The agency is confident that by working with small to medium size businesses and providing a range of business finance solutions, we will ensure future business growth."

He added that the money is being distributed to companies that are true victims of the economic downturn and cannot progress because banks will not lend them funds.

The NWDA has recently collaborated with Japanese manufacturer Murata and Manchester University in a move which could eventually create sales jobs in the region.

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Filed: 20-08-2009