May 20, 2020 @ 11:30 by Richard Dawson
FW Capital has invested more than £10 million in Tees Valley businesses through NPIF – FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund.
The funding has been distributed to SMEs in a cross section of industries, boosting business growth and creating an estimated 193 jobs across Teesside.
FW Capital’s investment has also leveraged in an additional £7 million of investment from the private sector.
FW Capital was appointed in 2017 to manage NPIF – FW Capital Debt Finance through two £51 million funds covering both the North West and the Tees Valley and Cumbria.
In 2019, FW’s Billingham office at Wynyard Park boosted its resource to eight people and the fund was also recently allocated an additional £10 million to support businesses across the region.
The fund offers debt finance loans on behalf of NPIF between £100,000 and £750,000 to give commercially-focused businesses access to the capital they need to realise their growth plans and invest in new equipment, premises, staff, systems and product lines.
The funding is also designed to drive innovation and growth across a broad range of sectors from digital and software to manufacturing and construction.
Tees Valley Mayor Ben Houchen said: “I’m delighted that FW Capital has hit this milestone, using Tees Valley money invested through NPIF, helping vital small and medium-sized businesses right here across Teesside, Darlington and Hartlepool to grow and prosper.”
Joanne Whitfield, fund director at FW Capital, added: “It is wonderful to see that so many businesses across Tees Valley have been able to secure investment they need to help them grow.
“However, this funding milestone comes at a time when businesses are dealing with unprecedented levels of uncertainty and upheaval.
“At FW Capital, we pride ourselves on our ability to act as long-term growth partners and that means going the extra mile in the communities that we serve and being ready with help and advice to support businesses at this time.
“We understand the challenges of the current crisis and that’s why we are committed to working with our customers, to help them in any way that we can.”