FW Capital, a provider of debt finance for the Northern Powerhouse Investment Fund, has been accredited for the Government’s Coronavirus Business Interruption Loan Scheme.

It means FW Capital, which has an office in Penrith, can now use NPIF funding with Government-backed guarantees ranging between £100,000 and £750,000 for businesses adversely affected by the impact of Covid-19 in Cumbria and the rest of the North West and Tees Valley.

Following the approval, FW Capital is putting in place the operations needed to start lending under the scheme and will release the dates when it is ready to start receiving applications.

NPIF provides a mix of debt, equity and microfinance up to £2 million, and since its launch in February 2017, it has invested over £162m into 601 businesses with an additional £167m leveraged from the private sector.

Grant Peggie, director at British Business Bank, said: “FW Capital has shown its support for the North’s ambitious businesses since the launch of NPIF and now their accreditation to use CBILS is testament to its commitment to support businesses through the crisis.

“We have seen unprecedented levels of demand for external finance, and we are pleased that these two experienced fund managers are now able to use CBILS accreditation to support NPIF funding and will continue to provide invaluable support to small businesses when they need it most.”

FW Capital fund directors Joanne Whitfield and Gary Guest said: “We are committed to supporting SMEs and this accreditation allows us to help many more businesses across the North West, Cumbria and Tees Valley regions, safeguarding businesses and jobs at this challenging time.”