FW Capital has invested over £10m in Tees Valley businesses through NPIF – FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund.
The funding has benefitted SMEs across a myriad of sectors and sizes, boosting business growth and creating 193 jobs across Tees Valley. It has generated an additional £7m of private sector investment.
In 2019 FW Capital’s Billingham office, based in Wynyard Park, boosted its resource to eight people to deliver NPIF in Tees Valley, part of a 30-strong national team.
FW Capital was appointed in 2017 to manage NPIF - FW Capital Debt Finance to support businesses through two £51m funds covering both the North West and the Tees Valley & Cumbria. A recent allocation of addtional funds from NPIF brings the Tees Valley & Cumbria fund to £61m.
FW Capital offers debt finance loans on behalf of NPIF between £100,000 and £750,000 to give commercially-focused businesses access to the capital they need to realise their growth plans through investing in new equipment, premises, staff, systems, product lines and a wide variety of other uses.
The funding is designed to drive innovation and growth across a broad range of sectors, from digital and software to manufacturing and construction. Help is available for all business types, even where there are few tangible assets to lend against.
Tees Valley Mayor Ben Houchen said: “I’m delighted that FW Capital has hit this milestone, using Tees Valley money invested through NPIF, helping vital small and medium-sized businesses right here across Teesside, Darlington and Hartlepool to grow and prosper.
Joanne Whitfield, Fund Director at FW Capital, said: “It is wonderful to see that so many businesses across Tees Valley have been able to secure investment they need to help them grow.
“However, this funding milestone comes at a time when businesses are dealing with unprecedented levels of uncertainty and upheaval.
“At FW Capital, we pride ourselves on our ability to act as long-term growth partners and that means going the extra mile in the communities that we serve and being ready with help and advice to support businesses at this time.
“We understand the challenges of the current crisis and that’s why we are committed to working with our customers, to help them in any way that we can.”
The Northern Powerhouse Investment Fund’s Microfinance, Debt and Equity Funds have invested a combined total of £14.5 million in Tees Valley with an additional £9.3 million leveraged from the private sector.
Grant Peggie, Director at the British Business Bank, said: “ During these unprecedented times it is encouraging to see how NPIF has supported and continues to support growing businesses across the Tees Valley providing much needed funding that supports jobs and helps to grow the local economy. We are pleased to work with FW Capital and the Tees Valley Combined Authority and will continue to provide finance for businesses going forward.”