What is it?
A £10 million fund which helps ambitious businesses bid for new contracts by providing short-term debt investments from £100,000 to £2 million to:
· Fund short-term advanced payment guarantees, performance and warranty bonds
· Extend existing bond facilities
FW Capital manages the fund on behalf of Tees Valley Combined Authority.
Funding is available to all sizes of businesses in the NE LEP area, Tees Valley and parts of Yorkshire.
Finance will typically be available for anything up to 24 months, but can be tailored to the length of the contract and/or the company’s cashﬂow requirements.
Why has it been set up?
In response to demand from companies who are asked to provide bonds and guarantees when bidding for contracts
What can the fund be used for?
Cash security deposited with bank to secure the issue of Advance Payment Guarantee, Performance and/or warranty bonds
What are the features and eligibility guidelines of the fund?
· Loans from £100,000 to £2m
SMEs and larger businesses can apply for investment from this fund and must be:
· Earning revenue
Based in the North East including the seven local authority areas: Northumberland, County Durham, Gateshead, Newcastle upon Tyne, North Tyneside, South Tyneside and Sunderland. Also Hartlepool, Middlesbrough, Redcar & Cleveland, Stockton on Tees and parts of Hambleton, Richmondshire, Ryedale, Scarborough. Please contact us to check regional eligibility criteria.
Check out the infographic below for more information on the Tees Valley Catalyst Fund.