Fund manager surpasses £25 million in NPIF II lending to North West businesses

Fund manager for the Northern Powerhouse Investment Fund II (NPIF II), FW Capital Debt Finance, has surpassed the £25 million lending milestone financing businesses in the North West of England.

Since the Fund’s launch last year, NPIF II – FW Capital has successfully completed 64 investments. £6.4 million of this funding has been in support of businesses across Greater Manchester, with construction sector businesses also receiving a significant proportion of the financing.

34% of the funding has also been delivered to businesses that are new to repayable finance, highlighting the continued demand for alternative finance options to support growth.

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 announced its 10-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.”

Sue Barnard, senior investment manager at the British Business Bank added:

“It’s incredible to see how NPIF II continues to significanly strengthen the business ecosystem across the North West of England, with the FW Capital team delivering over £25m 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.”

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.