A milestone £30million of investment has been delivered across the Tees Valley as part of the Northern Powerhouse Investment Fund.
NPIF – FW Capital Debt Finance, is managed by FW Capital and is part of the NPIF. FW Capital has supported 63 ambitious, high-growth SMEs in the region with finance for growth. The loans delivered have attracted co-investment of more than £31million from the private sector.
Joanne Whitfield, North East Fund Director at FW Capital, said: “We’re working hard to help more companies tap into the funding we have available and encourage businesses to contact us to access investment from NPIF-FW Capital Debt Finance which is due to come to a close in December this year.
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Hitting the £30m funding milestone highlights the growth potential and innovation of Tees Valley’s businesses. We’ve proud to help 63 businesses across a range of sectors to create new jobs, boost turnover, and expand into new markets.”
Keira Shepperson, Director at British Business Bank, said: “The Northern Powerhouse Investment Fund has been instrumental in empowering businesses to flourish in Tees Valley, building upon its strong industrial heritage.
“NPIF – FW Capital surpassing the remarkable £30 million funding milestone is a testament to the fund’s commitment to fuelling growth and driving innovation. This achievement not only benefits Tees Valley but also strengthens the entire North East economy, propelling prosperity and securing a future of success for the region.”
NPIF – FW Capital Debt Finance is managed by FW Capital and part of the Northern Powerhouse Investment Fund. It can provide loans in the NPIF region with a focus on Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside and the Tees Valley.
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.
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One notable investment example of a high growth Tees Valley business that has received support from FW Capital is Everflow. The business has enjoyed significant growth after receiving a £750,000 investment from NPIF – FW Capital Debt Finance. James Cleave, Chief Financial Officer at Everflow, said: “The investment from NPIF and FW Capital has made a real difference to our business growth. We’ve been able to strengthen our team with new jobs and improve our software. We’ve also recently diversified into other areas of business.
“At the end of last year, we added commercial waste collection services to our services, and we’ve plans to add telecoms and energy to our range. Our future vision is to have the four utilities – energy, telecoms, waste collection and water – all under one roof for all our SME customers.”
