Businesses in Northumberland have benefitted from more than £30million in investment, thanks to a funding programme.
The Finance for Business North East (FBNE) initiative has provided £13.8million in direct support since it launched in 2010, while a further £18.5million of private sector cash has been raised to support deals from venture capital firms, business angels and other investors.
Programmes such as FBNE are vital for businesses that need additional finance to expand, especially with funding from mainstream banks still hard to come by.William Johnson, Aartoft Director and Head of UK Sales and Manufacturing
The programme focuses on providing debt and equity funding.
And 75 businesses in Northumberland have benefitted.
They include Aartoft pre-fabricated bathroom maker in Lynemouth, which initially received £300,000 from the fund in 2013, and then secured a further £200,000 late last year to grow its workforce and strengthen its offer in the UK market.
Aartoft Director and Head of UK Sales and Manufacturing William Johnson said: “The recent FBNE investment marks the next phase of our growth and will allow us to offer a wider range of products and services.
“Programmes such as FBNE are vital for businesses that need additional finance to expand, especially with funding from mainstream banks still hard to come by.”
The money secured by Aartoft is administered by NEL Fund Managers.
Operations Director Yvonne Gale said: “Aartoft provides a great example of how investment capital can be progressively used to support the different stages of a business’ development, and of how Growth Fund investments have been creating new employment and regional wealth over the last five years.”