AMBITIOUS businesses are being urged to tap into a growth fund which has received a £3.75m cash boost.

The North East Growth Plus Fund has already invested £20.5m and helped create or safeguard more than 1,000 jobs since being set up in 2010.

The fund is provided by North East Finance and managed by FW Capital with the aim of helping established SMEs make a step-change in their business.

To date, FW Capital has supported 34 companies with the £20.5m investment leveraging a further £30m in private investment.

The pot has been boosted by a further £3.75m from NEF – with companies looking for working capital or investment funds encouraged to get their applications in sooner rather than later.

FW Capital fund manager Joanne Whitfield said: “I would urge businesses who are looking to purchase premises or capital equipment or who need additional working capital to speak to us about what we can offer.”

The fund invests between £350,000 and £1.25m in established businesses. The top-up is their share of an additional £17m received by NEF.

Gateshead-based TDX secured investment from the fund in 2013 and is now a market leader.

The company started as a tool making business in 1999 and diversified in to plastics extrusion (R-PET) in 2006, a move that has seen turnover jump from £3m to £22m.

Mark Prinn, managing director, said: “Due to a growing demand for R-PET film we were keen to ramp up our production capacity and needed to secure a bespoke funding package to support our expansion plans.

“After speaking with Barclays, they recommended FW Capital as a potential investor working alongside the bank’s funding. Securing the finance accelerated our growth. If we had to generate the money from cash-flow it would have delayed our plans by 18-24 months."

For more information on the North East Growth Plus Fund visit www.fwcapital.co.uk or call 0191 269 6969.