NPIF II - FW Capital Debt Finance, a fund manager for the Northern Powerhouse Investment Fund II (NPIF II) has surpassed a significant lending milestone, providing over £25m to ambitious businesses across the North West of England.
Since the Fund’s launch last year, NPIF II - FW Capital has successfully completed 64 investments. £6.4m of this funding has been in support of businesses across Greater Manchester. 34% of the funding has also been delivered to businesses that are new to repayable finance, highlighting the continued demand for alternative finance options to support growth.
A significant proportion of this lending has been delivered to the construction sector. One business in this sector that has received support is Salford-based chartered building consultancy, RECOM Solutions, which earlier this year secured a six figure investment to scale up its business and create new jobs. The business has recorded 40% growth per annum in its passive fire protection services and required extra working capital to support its growth strategy in this area of the business.
Gary Guest, fund director at FW Capital, said: “It’s a privilege to work with such a high number of innovative businesses to help accelerate their growth. Greater Manchester has a thriving business community, but without the right support it’s very difficult to take your business to the next level.
“Through our management of the North West NPIF II Debt Fund, we are helping businesses and city-regions like Greater Manchester to reach their full potential. In fact, the Government announced its 10-year plan to drive business investment and encourage innovation through its Modern Industrial Strategy, recognising the potential of the North in delivering growth. This is great news and our efforts under NPIF II continue to play a significant role in boosting the local economy.”
Sue Barnard, senior investment manager at the British Business Bank added: “It’s incredible to see how NPIF II continues to significanly strengthen the business ecosystem across the North West of England, with the FW Capital team delivering over £25m to a diverse range of businesses. It’s particularly great to see that a substantial amount of this funding has gone to businesses in the manufacturing sector, an area where the North has particular strengths. I look forward to seeing the team continue backing entrepreneurs across the region, supporting innovation and driving economic growth.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
