FW Capital has announced the firm has invested £20 million in Greater Manchester businesses through the Northern Powerhouse Investment Fund (NPIF), after launching NPIF-FW Capital Debt Finance in 2017.
NPIF’s total Microfinance, Debt and Equity investments in the city-region now total £45.3 million, with 141 Greater Manchester businesses receiving financing from the fund. Private sector investment alongside NPIF support has added a further £51.2 million.
Businesses across a range of sectors, including manufacturing, creative and life sciences, have all benefited from the debt fund. However, its Manchester’s thriving technology sector which has seen the most significant investment.
Gary Guest, fund director at FW Capital North West said:
£20m invested in the Greater Manchester area alone is a significant achievement and it’s really encouraging to see the positive impact it’s having on the local economy.
“There is a strong and vibrant technology sector here in Manchester and as an important part of the local economy we are keen to support it. We are finding many businesses need finance to recruit new talent or move to bigger workspaces which sits right within NPIF’s remit.
“When making lending decisions we look at whether there is a good business model in place with growth potential. This is particularly important for technology companies, especially younger ones, as they can find it difficult to get debt funding from traditional sources because many do not have physical assets to pledge as security or are unable to provide evidence of years of strong performance.”
Grant Peggie, Director at the British Business Bank said:
I’m delighted to see that FW Capital has reached this milestone in Greater Manchester, bringing NPIF’s total investment to over £45m with additional private sector investment of £51m . The hard work and dedication shown by our fund managers mean that we have been able to support over 140 businesses, ensuring the regional economy can reap the rewards of increased job opportunities and a more prosperous economy in the long term. In the current environment, it is important that businesses across Greater Manchester know they can approach NPIF in order to gain capital to safeguard their business and prepare for future growth.”
The NPIF project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.