Mercia accredited by BBB under CBILS

27th May, 2020

Mercia Asset Management PLC 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 Coronavirus Business Interruption  Loan Scheme (“CBILS”).

CBILS provides financial support, via its accredited lenders, to smaller businesses (“SMEs”) across the UK that are losing revenue and seeing their cash flow disrupted as a result of the COVID-19 outbreak. BBB’s accreditation will enable Mercia to increase its lending, initially across its existing portfolio, and ultimately to all eligible regional SMEs.

Dr Mark Payton, CEO of Mercia Asset Management, said: “Through our managed funds we have been lending to ambitious small businesses in the UK regions for over 20 years. With a portfolio of over 400 companies across our venture, private equity and debt funds, we have considerable experience of supporting businesses through previous economic cycles and are familiar with the cash flow demands that arise during times of economic stress. We are therefore pleased to be able to play our part, in conjunction with NPIF and BBB, as we continue to deploy capital during the COVID-19 outbreak, to those regional SMEs that need it most.”

About Mercia, BBB and CBILS

Mercia now manages £187.7million on behalf of the BBB, having recently been allocated an additional £54.3million to its existing NPIF equity and debt investment mandates. The Group’s relationship with BBB started in 2016 when Mercia was awarded both NPIF debt and equity mandates, having successfully managed previous JEREMIE Funds launched in 2010.

Mercia is lending through NPIF and can provide term loans from £100,000 up to £750,000 to SMEs, with a focus on Yorkshire and the Humber regions. Find out more here.

 

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