NEL Fund Managers reveals biggest ever quarter from new funds worth over £2m
Regional fund management firm, NEL Fund Managers has achieved its busiest ever quarter.
Nineteen investments worth a combined £1.1m were completed by NEL in businesses during October, November and December 2018.
This was from the two funds it manages, part of the overall £120m North East Fund Supported By The European Regional Development Fund.
The Q4 investments also took the total amount invested so far by NEL across Tyne & Wear, Durham and Northumberland from the North East Small Loan Fund and the North East Growth Capital Fund past the £2m mark.
Dr Yvonne Gale, NEL Fund Managers’ chief executive, said: “The response to both funds has been encouraging since they went live, but we saw a real increase in demand in the final quarter of 2018 and our team has been working flat out to get as many investments finalised as possible.
“Enquiries have been coming in from right across our investment area, and applications to the Small Loan Fund in particular have reflected the wide diversity of the North East business community.
“Our investments are already having a direct impact on the capacity of the businesses with which we work to grow and create new jobs, but there’s still a lot more we can do.”
Businesses which received investments at the back end of 2018 include North Tyneside technology firm, Cleanily; Northumberland interior design business, Troynorth; and Rowlands Gill-based commercial fit out firm, Rosebirch.
NEL is the only fund management firm to be awarded two of the five funds that make up the overarching North East Fund.
The £9m North East Small Loan Fund typically offers loans to businesses of between £10k and £50k, and 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.
The £18m North East Growth Capital Fund has been designed to create over 800 jobs in more than 70 regional firms over life of the fund, and offers unsecured investments of up to £500k to established businesses looking to realise their growth potential.