Mercia accredited to deliver Recovery Loan Scheme

RNS Number : 0648I

Mercia Asset Management PLC

10 August 2021

 

Reach

10 August 2021

Mercia Asset Management PLC

("Mercia", the "Group" or the "Company")

Mercia accredited by BBB to deliver the Recovery Loan Scheme

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").  

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.

Dr Mark Payton, CEO of Mercia Asset Management , 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." 

About Mercia, British Business Bank and RLS

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.

Mercia can provide term loans from £100,000 up to £750,000 to SMEs under its Northern Powerhouse Investment Fund RLS mandate.

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank. 

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For further information, please contact:

Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk	[phone]
Canaccord Genuity Limited (NOMAD and Joint Broker)	[phone]
Simon Bridges, Emma Gabriel
N+1 Singer (Joint Broker)	[phone]
Harry Gooden, James Moat
FTI Consulting	[phone]
Tom Blackwell, Louisa Feltes, Shiv Talwar
[e-mail]

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£940million of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

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