Extra £3.75m for fund which has already created 1,000 jobs

Extra £3.75m for fund which has already created 1,000 jobs

A fund for North East businesses which has invested £20.5 million and helped create or safeguard 1,016 jobs has secured another £3.75 million for 2016.

The North East Growth Plus Fund was set up in 2010 to help established SMEs make a step-change in their business. The fund has supported 34 regional companies through £20.5m of investment, and has leveraged an additional £30m of private investment.

Joanne Whitfield, FW Capital’s fund manager in the North East, said: “We’re delighted at FW Capital to have successfully delivered over £20m to the North East economy through the North East Growth Plus Fund.

“The fund has had a noticeable impact across the region with great success stories including exciting North East brands like It’s All Good, large multi-service organisations such as the Pacifica Group and specialist manufacturers like TDX.

“We now have an additional £3.75m to invest in 2016 and urge North East businesses who are looking to purchase premises or capital equipment, or who need additional working capital, to speak to us about the funding options we can offer.”

The additional £3.75 million which will take the total fund to over £24 million is part of the £17 million top up North East Finance has secured for 2016 to assist over 100 ambitious North East businesses this year.