Cumbria businesses have received approaching £10m of business impact investment from NPIF - FW Capital.
In total, £5m of the funds have been invested directly from NPIF - FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund, with an additional figure approaching £5m attracted from private sector investors. This is supporting ambitious, high-growth businesses with finance for growth in an area of the UK that is typically underserved.
Andy Traynor, Senior Investment Executive at FW Capital, said: “We’re working hard to help more Cumbrian businesses tap into the funding available from NPIF - FW Capital. Hitting the £5m funding milestone highlights the growth potential and innovation of the region’s businesses. A wide range of sectors have received NPIF funding to date with manufacturing, transport and accommodation sectors receiving the largest boost. We’ve helped to create new jobs, boost turnover, and aid expansion into new markets. Cumbria is a thriving and prosperous region and we’re proud to make a real difference to the growth of the local economy.”
Notable investments supported by FW Capital in Cumbria include £600k to a manufacturer to support new contract wins, £250k to support working capital needs for a holiday park operator and £500K to a transport company to fund a new storage hub.
Jo Lappin, Chief Executive of Cumbria Local Enterprise Partnership said: “It’s really encouraging to see our businesses accessing finance to support their growth ambitions and move their plans forward. Access to finance is one of the barriers to growth so I am pleased that NPIF and FW Capital investors are creating a range of funding opportunities alongside those provided by others, including our High Street banks. Cumbria LEP has invested in the Northern Powerhouse Investment Fund and it is pleasing to see that our businesses are benefitting from this. We look forward to working with FW Capital to make sure that more of our businesses are aware of the support that they can provide across the whole of Cumbria.”
Keira Shepperson, Director at the British Business Bank said: “Empowering and supporting the Northern business community with access to finance means that investment reaches beyond just major cities. The milestone is a tangible marker of success in an area that has historically been underserved, despite being a hub of diverse businesses full of potential.
“Funding from the Northern Powerhouse Investment Fund in Cumbria has demonstrated the real benefits of championing local businesses that show great potential in creating regions that form central pillars of the national financial ecosystem. Providing access to finance brings us a step further in boosting Northern business opportunities. ”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
