MORE than £2 million of funding for small and start-up businesses will be made available with the launch of a new financial partnership.

The Northwest Regional Development Agency (NWDA) has announced more than £1 million of funding to provide loans of £3,000 to £30,000 to firms and not-for-profit social enterprises.

The money is also expected to be matched by more than £1 million in private funding from the financial sector for the scheme.

Loans will be available to businesses in the region that have not been able to raise any or part of the funding they need from the banking and financial services sector alone.

Bolton Business Ventures (BBV) will administer the scheme in the north of Greater Manchester and Lancashire, and to female-led businesses in Merseyside.

BBV will also provide loans that comply with Islamic Sharia law for businesses across the region.

Sylvia Philips of Bolton Business Ventures said: "This additional capital investment by the NWDA is most encouraging and will enable BBV to lend to many more aspiring entrepreneurs who have the desire but not the capital to start and grow their own business.

"Our role is to lend to new and growing business ventures which have viable business ideas but are unable to raise all the finance from traditional sources."

Steven Broomhead, chief executive of NWDA, said: "An increasing number of start up and small businesses and social enterprises with viable growth plans are unable to raise the finance needed because of lack of security or track record. It is crucial for the future of the economy that these businesses have the opportunity to develop to the point that banks will finance their future growth plans."

Over the last five years, BBV has made over 630 loans totalling £4.3 million which in turn has generated additional investment of £7.3 million and helped to create 1600 new jobs For more information about the loans, contact John Whittaker on 01204 391400 or e-mail : jw@bbvonline.net