£162m Northern Powerhouse Investment Fund to deliver additional £20m to local businesses

Businesses across the North West and Tees Valley are set to benefit from a share of an additional £19.6m of funding from NPIF - FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).

The additional funding is available to businesses looking to grow and can be used for purposes including cash flow, recruitment, equipment and premises expansion.

It has been facilitated in conjunction with the Recovery Loan Scheme (RLS), a government backed initiative set up to help SMEs access business loans to aid recovery after the pandemic.

This new allocation increases FW Capital’s NPIF funds to £162.2m and enables it to continue delivery of business loans under the RLS which is scheduled to end on June 30, 2022. Loan facilities range from £100k to £750k in terms of one to five years and offer fixed interest rates, providing certainty and confidence with regards to future repayments.

FW Capital North East fund director Joanne Whitfield said: “We’re passionate about supporting Northern businesses to access the investment they need. The additional funding for NPIF - FW Capital Debt Finance offers a significant boost for the region’s SMEs.

“Fixed interest rates deliver certainty for businesses and confidence to focus on future growth at this time of great volatility, rising fuel costs and an increase in the cost of living. We want to see businesses develop and we’re pleased to say there are some strong opportunities to do this in Tees Valley.

“As an accredited RLS lender we have been really busy backing businesses to reach their full potential.”

Sean Hutchinson at the British Business Bank, added: ’’FW Capital has played an important role in the delivery of the Northern Powerhouse Investment Fund to date.

“We congratulate FW Capital on securing this additional funding and look forward to seeing them continue to support businesses with vital debt finance as they recover and grow in these challenging times.”