Fund's record-breaking help for range of sectors

COCKTAIL bars, manufacturers, training providers, recruiters and accountants are among the businesses to have benefited from a new North East fund, its manager has revealed.

- COREENA FORD Business reporter [e-mail]

Newcastle investment company NEL Fund Managers says it has chalked up a record-breaking quarter after striking a series of strategic investments across a range of sectors.

The organisation has delivered key investments through NPIF II - NEL Smaller Loans Fund and NPIF II - NEL Debt Finance Fund, the two funds it manages as part of the Northern Powerhouse Investment Fund II (NPIF II).

The expanded fund, operated by the British Business Bank, was launched last year to offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m.

The total amount invested in companies over the last quarter has not been disclosed, but NEL says it has marked a record period, reinforcing its commitment to driving regional business growth.