THE spirit of the Rochdale Pioneers was invoked at the launch of a new loan fund.

Bolton-based BBV Ltd chose the Toad Lane museum -- dedicated to the history of the Co-operative movement since 1844 -- for the ceremony which introduced the North Manchester Business Development Loan Fund.

It is designed to encourage entrepreneurs who are seeking to start a new business or expand an existing operation in Bolton, Bury, Oldham, Rochdale and Wigan.

Bolton Business Ventures is running the scheme in partnership with the government's Small Business Service Phoenix Challenge Fund and the Co-operative Bank.

Nearly £1 million is available to lend to sole traders, partnerships, limited companies and social entrepreneurs who are unable to raise all the necessary finance from traditional sources.

BBV Chairman Andrew Kluge told guests that the Co-operative Bank was initially investing £150,00 and that the Phoenix Challenge Fund had provided £720,000.

Mr Kluge, who founded Supercover in Farnworth, said the aim was to provide access to finance for individuals and organisations in disadvantaged communities which mainstream finance did not reach.

He said: "I believe that 2002 is a time which marks a watershed for community development finance in the United Kingdom.

"The recently-announced tax credit is designed to generate over £1 billion into social enterprise.

"We have recently seen the launch of the new Charity Bank and the first UK community development venture fund with £40 million for entrepreneurs in some of our most economically-deprived areas."

Mr Bryce Glover, the Co-operative Bank's Director of Corporate and Business Banking, said: "I am sure that the Fund we are launching today will be an important additional source of new finance for new and expanding businesses and also social and co-operative enterprises."

More information is available by ringing BBV on 01204 391400 or by visiting the website at www.bbvonline.net HERE