NEL Fund Managers has opened a new office in the LevelQ building on the Surtees Business Park in Stockton after being chosen to manage two of the funds that form part of the Northern Powerhouse Investment Fund II.
The Smaller Loans Fund offers investments from £25,000 to £100,000 to entrepreneurs looking to fill the funding gap for growth and development projects, while the Debt Finance Fund provides investments from £100,000 to £2m to more established businesses that can demonstrate growth potential.
NEL’s investment team is also expanding as part of its management of the new funds, with two new jobs set to be created.
Founded in 1989 and headquartered in Gateshead, NEL Fund Managers provides financial products to small and medium-sized businesses right across the region.
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Since becoming regulated in 1993, it has managed 15 different funds and has made over 1,100 investments across the North East.
Jonathan Luke, chief executive at NEL Fund Managers, says: “We’ve invested in dozens of Teesside businesses over the last three decades and are re-establishing our presence on the ground to help further increase this number.
“The two NPIF II funds that we’re managing open up a wide range of new opportunities for businesses across the North East to realise more of their growth potential, create more jobs, launch new products and services, and contribute more to the health of the regional economy.
“The LevelQ building provides everything we need in terms of modern office space, first-rate facilities and excellent transport links, and we’re looking forward to welcoming local businesses to talk about how we might work together.”
Sarah Newbould, Senior Manager, British Business Bank, adds: “The North East is a region primed for growth, and NEL’s widening reach is a great opportunity to tap into the potential of the region.
“We’re looking forward to working with them, marking a new chapter for the local economy.”
John McCabe, chief executive at the North East Chamber of Commerce, says: “Our vision at the Chamber is to ensure the region is a place where people and businesses thrive.
“We know the North East is the ideal place to create and grow a business, and I look forward to seeing the positive impact the two NPIF II funds have on business growth in Teesside and the wider North East.”
James Robson MBE, a member of NEL’s investment committee said: “From my own experience of receiving multiple investments to grow my first company, Exwold Technology, I know the exceptional backing that NEL provides.
“The Tees Valley region has remarkable talent and potential, and I’m thrilled that NEL is here as a strategic investment partner to help unlock it.”