Businesses across the North West and Tees Valley are set to benefit from a share of an additional £19.6m of funding from NPIF - FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
The additional money is available to businesses looking to grow and can be used for many purposes including cashflow, recruitment, equipment and premises expansion.
The additional funding that has been secured from NPIF is facilitated in conjunction with the Recovery Loan Scheme (RLS), a government backed initiative set up to help SMEs access business loans to aid recovery after the pandemic.
This new allocation increases FW Capital’s NPIF funds to £162.2m and enables them to continue delivery of business loans under the RLS which is scheduled to end on 30th June 2022. Loan facilities range from £100k to £750k on terms of one to five years and offer fixed interest rates, providing certainty and confidence with regards to future repayments.
FW Capital provides loans to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
FW Capital North West Fund Director Gary Guest said: “We’ve had a really busy period since the introduction of RLS. This important scheme is open until the end of June and is helping many businesses across our region. The NPIF - FW Capital Debt Finance funding and RLS offers fixed interest rates and favourable terms offering certainty for businesses looking to grow at this difficult time of rising energy and fuel costs and an increased cost of living.
“We are delighted to provide funding where it is needed most and help businesses focus on their recovery and capitalise on new opportunities. There is a strong appetite for growth across the region, and we are seeing a significant uplift in business confidence with regards to investing in the future.”
FW Capital North East Fund Director, Joanne Whitfield said: “We’re passionate about supporting Northern businesses to access the investment they need. The additional funding for NPIF - FW Capital Debt Finance offers a significant boost for the region’s SMEs. We want to see businesses develop and we’re pleased to say there are some strong opportunities to do this in Tees Valley. As an accredited RLS lender we have been really busy backing businesses to reach their full potential.”
Sean Hutchinson at the British Business Bank, said: ‘’FW Capital have played an important role in the delivery of the Northern Powerhouse Investment Fund to date. We congratulate FW Capital on securing this additional funding and look forward to seeing them continue to support businesses with vital debt finance as they recover and grow in these challenging times.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
