FW Capital has been allocated an additional £40.6m from the Northern Powerhouse Investment Fund (NPIF), bringing it to a new total of £142.6m.
The capital market group was previously appointed to manage NPIF-FW Capital Debt Finance in 2017 with an aim to support businesses in the north west, Tees valley and Cumbria.
The money from the British Business Bank will see FW Capital’s Tees Valley and Cumbria NPIF fund increase by £10m to £61m, and the North West NPIF fund increase by £30.6m to £81.6m.
Since 2017, FW Capital has invested more than £50m into 170 businesses across the North and created over 600 jobs. It has also expanded to a team of thirty in offices across the North.
The NPIF – FW Capital Debt Finance funds provide loans of between £100,000 and £750,000 in order to keep business supported during the ongoing pandemic.
Investment can be made in new equipment, premises, staff, systems, product lines and a wide variety of other uses.
Joanne Whitfield, fund director at FW Capital North East, said: “We are very pleased to have been given this further allocation of funds, which will allow us to continue to help SMEs trade through this turbulence and work towards their ambitions for the future.
“FW Capital is a long-term growth partner with local teams across the patch ready to offer pragmatic support to our investees. This is particularly relevant given the difficulties currently facing many businesses.”
She added: “The extra allocation of funds will allow us to support more clients in this way and to continue to help create and safeguard jobs for our region.”
Gary Guest, fund director at FW Capital North West, said: “Since 2017, hundreds of jobs have been created through NPIF – FW Capital Debt Finance.
“The positive feedback from British Business Bank about our support for SMEs has been welcomed and this additional allocation of funding is testament to its confidence in our provision.”
He added: “With this extra allocation of funds, we can continue to help Northern businesses achieve their commercial objectives by making sure they can access the finance they need to grow at a time when the demand for funding is greater than it has ever been.”
Grant Peggie, director at British Business Bank, said: “The Northern Powerhouse Investment Fund plays a vital role in supporting the Northern economy. We have helped innovative business access the vital funding they need to grow, and FW Capital have had a huge part in the Fund’s success to date.
“This extra injection of capital at this challenging time will enable FW Capital to to support even more of the North’s growing small businesses.”