The investment firm behind two major North East funds has invested more than £1m in local businesses in just a few months.
NEL Fund Managers is one of the only investment houses to be awarded two of the five funds that make up the £120m North East Investment Fund.
After being given responsibility for the Small Loan Fund and the Growth Capital Fund back in April, the company has invested more than £1m in the region’s firms.
The milestone was passed when NEL invested £10,000 in Bedlington-based JNCS Business Services, through the Small Loan Fund.
The cash is being used by JNCS to improve its manufacturing process around the TorqTag device, which improves safety within the oil, gas and power industries.
Dr Yvonne Gale, chief executive at NEL Fund Managers, says: “We’re pleased with the volume of enquiries that have come in so far around investments from both these new funds, and to have got past the million pound mark within just a few months of their launch.
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