Business
Mercia accredited to deliver Recovery Loan Scheme
Mercia accredited to deliver Recovery Loan Scheme.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0648I\n Mercia Asset Management PLC\n 10 August 2021\n \n \n \n \n \n \n \n Reach\n \n \n 10 August 2021\n \n \n \n \n \n \n \n \n Mercia Asset Management PLC\n \n \n \n (\"Mercia\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Mercia accredited by BBB to deliver the Recovery Loan Scheme\n \n \n \n \n \n Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£940 million of assets under management, is pleased to announce that the British Business Bank (\"BBB\") has accredited the Group to deliver its Northern Powerhouse Investment Fund (\"NPIF\") debt mandate under the new Recovery Loan Scheme (\"RLS\"). \n \n \n \n \n Launched on 6 April 2021, the Recovery Loan Scheme provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic.\n \n \n \n \n \n Dr Mark Payton, CEO of Mercia Asset Management\n , said: \"Having already provided NPIF loans successfully through the Coronavirus Business Interruption Loan Scheme, we are pleased to now be accredited to lend under the Recovery Loan Scheme. Mercia has played an important role in supporting our portfolio of over 400 companies through the pandemic, and this accreditation will enable us to continue helping these businesses manage the impact of the COVID-19. Furthermore, as economic forecasts allow us to look ahead with increasing optimism, this accreditation will enable Mercia to help additional regional businesses recover and capitalise on the increasing growth opportunities many of them are now seeing.\" \n \n \n \n \n About Mercia, British Business Bank and RLS\n \n \n \n \n \n Mercia currently manages c.£191million on behalf of the British Business Bank. The Group's relationship with the British Business Bank expanded in 2016 when Mercia was awarded debt and equity mandates for the Northern Powerhouse Investment Fund, having successfully managed previous JEREMIE Funds launched in 2010.\n \n \n \n \n \n Mercia can provide term loans from £100,000 up to £750,000 to SMEs under its Northern Powerhouse Investment Fund RLS mandate.\n \n \n \n \n The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional ...