FW Capital backs Northern Powerhouse businesses with £10m in 12 months
FW Capital has invested over £10m through the Northern Powerhouse Investment Fund (NPIF) in less than a year, new data shows.
The company was appointed in February 2017, when the British Business Bank launched the NPIF, to manage the £102m NPIF – FW Capital Debt Finance fund for businesses across the North West and Tees Valley.
FW Capital confirmed it has now supported 45 SMEs in the regions with over £10m in funding.
Elsewhere, the last 12 months have seen FW Capital expand with the opening of new offices in Billingham and Penrith, and the creation of 10 jobs.
Fund manager Gary Guest commented: “Our teams have been meeting businesses across the region, finding out what they need and how this fund can support them to grow.
“Our investments are being used for many different purposes, which shows the variety and innovation of companies across our region.”
Through NPIF – FW Capital Debt Finance, businesses can secure loans of between £100k and £750k to invest in their growth, which can include new equipment, premises, staff, systems, product lines and other uses.
Among the companies backed to date are Atherton-based Premplus Dental Labs, Middlewich firm Duttons Builders Merchants and Blackpool electrical wholesaler Omega Product Services.
The latter used a £250k loan to take on new sales staff and diversify its product lineup.
Speaking further, Gary said: “There’s been a lot of interest in the Northern Powerhouse Investment Fund since its launch, and we’re delighted to have passed the £10m mark in under a year.
“We know there are many more firms out there that could benefit from our involvement and we want to help as many of them as we can to scale up, succeed and create sustainable jobs.”
British Business Bank director Grant Peggie commented: “It is fantastic to see FW Capital reach this important milestone so soon after passing the £5m mark five months ago.
“It demonstrates the demand for funding in the northern SME community and underlines that the Northern Powerhouse Investment Fund is actively making a difference to small businesses in the North and supporting wider economic growth.”