VCLF

But earlier this year they launched a pounds 10m interim VCLF, which is a mix of loan and equity support overseen by Liverpool-based Alliance Fund Managers (AFM) and Yorkshire Fund Managers (YFM).

When the VCLF is fully up and running later this year it will include a development capital fund, a venture capital fund, a loan fund and a priority sector growth fund.

The NWDA says VCLF finance is available now to businesses in the North West through the interim funding pot, and they can apply for this through Business Link Northwest.

The VCLF is bankrolled by the European Regional Development Fund (ERDF), which pays out in euros.

VCLF works closely with the coal industry to promote best management practices in land reclamation, reforestation, and water quality improvement.

Now expected to be launched in March, the VCLF was originally meant to be up and running a year ago, but has been delayed by buSreaucratic wrangles with Whitehall.

The VCLF will receive about pounds 140m from Brussels to invest over a five-year period.

VCLF is a combination of loan, equity and mezzanine funding to support business growth.