NPIF II hits £25 million funding milestone

A fund manager has reached a lending milestone in its support of North West businesses.

NPIF II - FW Capital Debt Finance, managed by FW Capital as part of the £660 million Northern Powerhouse Investment Fund II (NIPF II), has surpassed £25 million in lending to ambitious businesses across the North West since the fund’s launch last year.

The fund has completed 64 investments, with £6.4 million supporting Greater Manchester businesses. 

Around a third of funding has gone to firms new to repayable finance, demonstrating strong demand for alternative growth capital.

A notable beneficiary includes Salford-based RECOM Solutions, which secured a six-figure investment to scale its passive fire protection services, supporting 40 per cent annual growth and job creation.

Gary Guest, fund director at FW Capital, said: “It’s a privilege to work with such a high number of innovative businesses to help accelerate their growth. 

“Greater Manchester has a thriving business community, but without the right support it’s very difficult to take your business to the next level.

“Through our management of the North West NPIF II Debt Fund, we are helping businesses and city-regions like Greater Manchester to reach their full potential. 

“In fact, the Government recently announced its ten-year plan to drive business investment and encourage innovation through its Modern Industrial Strategy, recognising the potential of the North in delivering growth. 

“This is great news and our efforts under NPIF II continue to play a significant role in boosting the local economy.”

NPIF II provides loans ranging from £25,000 to £2 million and equity investments of up to £5 million, helping SMEs to start, scale or innovate, while driving regional economic growth and improving access to finance.

Sue Barnard, senior investment manager at the British Business Bank added: “It’s incredible to see how NPIF II continues to significantly strengthen the business ecosystem across the North West of England, with the FW Capital team delivering over £25 million to a diverse range of businesses. 

“It’s particularly great to see that a substantial amount of this funding has gone to businesses in the manufacturing sector, an area where the North has particular strengths. 

“I look forward to seeing the team continue backing entrepreneurs across the region, supporting innovation and driving economic growth.”

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