Maven has been appointed to manage the £27 million North East Development Capital Fund (NEDCF) which will provide equity, debt and mezzanine funding of between £400k and £2m to established businesses.
The NEDCF forms part of the £120m North East Fund investment program, which will invest exclusively across the seven local enterprise partnerships (LEPs) of Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead, Sunderland and Durham, and has the potential to support 600 businesses and create 3,500 jobs across the region.
The NEDCF will provide growth capital to support small and medium sized enterprises who are looking to develop new products, enter new markets, and/or expand their current operations.
To be eligible for funding a business must be located in, or intend to relocate a material part of their operations to, the North East.
Maven recently opened offices in both Newcastle and Durham with the local investment team being led by Michael Vassallo.