FW Capital was appointed in 2017 to manage NPIF – FW Capital Debt Finance to support businesses in the North West and the latest funding comes from the Northern Powerhouse Investment Fund
Small business equity provider FW Capital has secured an additional £40.6m from the Northern Powerhouse Investment Fund (NPIF), taking its new total to £142.6m.
FW Capital was appointed in 2017 to manage NPIF – FW Capital Debt Finance to support businesses through two funds focusing on the North West and the Tees Valley & Cumbria. The money from the British Business Bank will see 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 expanded to a team of 30 in offices across the North. The funding is designed to drive innovation and growth and can support the needs of a broad range of sectors.
Both the NPIF – FW Capital Debt Finance funds provide loans of between £100,000 and £750,000 and offer businesses capital that can be used to adapt and grow throughout the coronavirus pandemic. Investment can be made in new equipment, premises, staff, systems, product lines and a wide variety of other uses.
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.
“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.”