North East Small Loan Fund invests £30k into local interior design business
A Northumberland interior design business has bagged £30k investment from the North East Small Loan Fund Supported By The European Regional Development Fund.
The funding aims to help it expand its product range, grow its turnover and bring in new customers.
Troynorth supplies trimmings, tie backs and accessories to the interior design and decoration trade from its base just outside Hexham.
The second generation family firm mainly works with clients across the UK, including hotels and interior designers, but has also supplied items to companies in Russia, Eastern Europe and the US.
Damon Little said: “Our product specialisation is very much our strength, and we felt there was an opportunity to increase our visibility in what seems an increasingly robust market.
“We’ve chosen not to have too much of a presence at our key industry trade shows in recent years, but are now set to put our designs on show at a number of events across the country next year.
“Most of our contracts come from within the UK, but we think there are definitely more opportunities overseas to go for, with increasing our client base in Russia and on the east coast of the US high on our list of priorities.
“We’re aiming to grow our turnover by around 20 per cent over the next two years and the positive response we’ve had to our latest designs gives us confidence that this is within our reach.
“NEL was recommended to us by our brokers 360 Funding, and the team has supported us well through what has been a very thorough and positive process.”
Troynorth is looking to create two new jobs after working with regional fund management firm NEL Fund Managers to secure the Small Loan Fund investment.
It will be extending its presence at trade shows around the UK during 2019 as part of plans to enhance its marketing activity.
Part of the £120m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of between £10k and £50k to businesses in Tyne and Wear, Durham and Northumberland.
It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.
Jane Siddle, investment executive at NEL Fund Managers, added: “Troynorth has a strong position in a niche market and this investment will enable Rachel and Damon to build on these very firm foundations.
“The Small Loan Fund offers accessible investment capital across a wide range of business sectors which can help SMEs realise more of their potential.”
The overarching North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
NEL is also responsible for investing the £18m North East Growth Capital Fund, which offers unsecured investments of up to £500k to established businesses looking to realise their growth potential.