Loans on offer to help virus-hit firms recover
The North East’s longeststanding business investor is looking to expand the number of regional firms with which it works after becoming an accredited provider for the Coronavirus Business Interruption Loan Scheme (CBILS).
NEL Fund Managers has been accredited by the British Business Bank to provide loans of up to £250,000 to regional businesses that have been adversely affected by the COVID-19 pandemic.
The loans complement the growth capital investments that NEL already makes from the two elements of the £120m North East Fund that it manages - the £9m North East Small Loan Fund and the £18m North East Growth Capital Fund.
Over the coming months, NEL can provide loans under the CBILS scheme in conjunction with its usual Growth Capital and Small Loan Fund lending activity, which will continue until 2023.
NEL also recently doubled the maximum investment amount available from the North East Small Loan Fund to £100,000 in response to the impact of COVID -19 and the resulting increased growth capital needs of many SMEs
Dr Yvonne Gale, chief executive at NEL Fund Managers, says: “Many regional firms are understandably very cash conscious at the moment and are looking for ways in which to strengthen their cashflow situations.
“CBILS funding can provide additional financial flexibility which businesses might not otherwise have qualified for and will also enable them to access the advice and guidance provided by our expert team.”
For more information about NEL’s investment criteria, visit www.nel.co.uk or call 0845 111 1850.