North East business fund manager makes 100th investment
A business investor in the North East has made its 100th investment from one of the two elements of a multi-million pound fund.
NEL Fund Managers is responsible for investing the £9m North East Small Loan Fund Supported By The European Regional Development Fund.
The fund offers loans of between £10k and £100k, and is designed to assist with the creation of over 1,200 new jobs in more than 320 SMEs.
Dr Yvonne Gale, chief executive at NEL Fund Managers, commented: “The Small Loan Fund was designed to have a direct impact on the growth potential of North East SMEs and reaching this point, especially in the current climate, is a real landmark in its continuing progression.
“In addition to the number of investments we’ve made, it’s especially pleasing to have seen some of our SLF investees applying for a further investment from the Growth Capital Fund after achieving their initial growth objectives and setting themselves new goals.
“The business support work we’ve been able to undertake with dozens of firms right across the region will hopefully help each one of them formulate, revise and implement their own growth strategy, and will enable us to make an even wider impact on the development of the North East economy.
“We’re only at the halfway mark in the lifetime of the two funds that we currently manage, and our continuing mission is to help as many North East firms as we can implement sustainable growth models that enable them to create more and better jobs.”
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