The North East’s longest-established business investor has been confirmed as an accredited provider for the government’s new Recovery Loan Scheme.

NEL Fund Managers can now provide loans of between £25,001 and £250,000 to regional businesses that have been adversely affected by the Covid-19 pandemic.

The Recovery Loan Scheme, which is scheduled to run until the end of the year, is designed to help businesses of any size across most industry sectors access loans and other kinds of finance, as they recover and grow after the pandemic.

Business that received support are still eligible to access finance under this new scheme if they meet all other eligibility criteria.

The loans complement the growth capital investments that NEL already makes across Tyne & Wear, Durham and Northumberland from the two elements of the £120m North East Fund Supported By The European Regional Development Fund that it manages - the £9m North East Small Loan Fund and the £18m North East Growth Capital Fund.

Over the last year, NEL has been providing loans of up to £250,000 under the Coronavirus Business Interruption Loan Scheme in conjunction with its usual Growth Capital Fund and Small Loan Fund lending activity.

Jason Hobbs, chief executive at the North East Fund, adds: “We are delighted that loans from our Small Loan and Growth Funds can now be made under the Recovery Loan Scheme. This ensures that we can maximise the availability of loans to companies which have been stretched by Covid but are now seeking to grow again.”

Contact the investment team on 0845 111 1850.