Businesses across the North West and Teesside will be £19.6m richer thanks to a share of extra funding from NPIF-FW Capital Debt Finance. The financing structure is managed by FW capital, and part of Northern Powerhouse Investment Fund (NPIF). The new money can go towards cash flow or recruitment.
The additional funding that has been secured from NPIF is 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 them to continue delivery of business loans under the RLS which is scheduled to end on 30th June 2022.
Loan facilities range from £100k to £750k on terms of one to five years and offer fixed interest rates, providing certainty and confidence with regards to future repayments.
FW Capital provides loans to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
Gary Guest, FW Capital North West Fund Director, said:
“We’ve had a really busy period since the introduction of RLS. This important scheme is open until the end of June and is helping many businesses across our region. The NPIF – FW Capital Debt Finance funding and RLS offers fixed interest rates and favourable terms offering certainty for businesses looking to grow at this difficult time of rising energy and fuel costs and an increased cost of living.
We are delighted to provide funding where it is needed most and help businesses focus on their recovery and capitalise on new opportunities. There is a strong appetite for growth across the region, and we are seeing a significant uplift in business confidence with regards to investing in the future.”
Sean Hutchinson at the British Business Bank, said:
‘’FW Capital have 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.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.