THE North West Development Agency (NWDA) last night unveiled a £50m funding lifeline to help Merseyside businesses beat the worst ravages of the recession.

The agency is also bringing forward up to £30m of funding from its 2010 budget by 12 months to make sure money is pumped into the region, is what is envisaged to be the toughest period of the recession.

From next week, small loans, from £3,000 to £50,000, will be made available to Merseyside businesses, and, from early next year, loans of between £50,000 and £250,000 will come on line. In addition, equity funding of up to £2m will be introduced early next year.

The cash is designed to help companies unable to get access to affordable finance from commercial lending sources.

Last night, NWDA chief executive Steve Broomhead stressed the money would only be made available for companies with viable business plans.

“We can’t help businesses that are lame, we want to support businesses that have got a clear future.”

He said he was also keen to support projects on Liverpool’s waterfront, and said “there are a number of schemes that we are looking at to keep the city rolling.”

In all, the NWDA will make £275m available in business support over the next two years, said Mr Broomhead, of which Merseyside will get about £50m.

He said his phrase for 2009 was “realistic optimism”.

“Absolutely it’s going to be tough in certain sectors like the automotive industry, construction and financial services.

“I think for Liverpool there will still be a bounce effect from being Capital of Culture.”