NORTH-EAST businesses both struggling or looking to innovate can access a fund of £100 million thanks to a commercial finance firm.

A fund of £100 million has been made available to small to medium size enterprises across the North, including the North-East, with debt facilities agreed with RBS and ABN AMRO.

The money can be used for acquisitions, refinancings, turnarounds and growth opportunities as businesses respond to Covid-19 challenges

The announcement comes from Praetura Commercial Finance, which has successfully completed an increased syndication of its debt facilities, enabling SMEs to access finance they need to power ahead in the current challenging environment.

Meanwhile, Praetura Commercial Finance has also increased the size of its Manchester-based team to provide additional resource to support clients.

Stuart Bates, commercial director of the firm said: “I am delighted to announce and welcome ABN AMRO Commercial Finance, who join our existing senior lender RBS, with additional support of £32m.

£Together with our growth capital partner, RM Capital Partners, we now have over £100 million of debt facilities to deploy directly to companies in the North of England helping them to secure additional working capital to drive their businesses forward faster.

Andy Barraclough, head of regional asset based lending at RBS, said: “RBS are delighted to be able to continue our backing of Lisa, Stuart and the Praetura team, and in being joined by ABN AMRO in the enlarged facility we are putting in place support for their medium-term growth aspirations."