Port of Tyne brand set to 'expand' after securing major funding
The Northern Powerhouse Investment Fund II is celebrating helping over 400 northern businesses including a South Tyneside brand.
A South Shields business has scored for funding from a major investment pot.
The Northern Powerhouse Investment Fund II (NPIF II) is celebrating having supported more than 400 businesses and facilitated almost £275m of investment across the North East in the last two years - and South Tyneside firm, Mechplant is the latest business to benefit.
Mechplant, one of the region’s most established equipment hire businesses, is based out of Port of Tyne in South Shields.
The funding is being used to strengthen the brand’s capacity and invest in its equipment fleet, allowing the business to meet increasing demand from the construction and civil engineering sectors across the region.
Operated by the British Business Bank, NPIF II is a £660m fund that provides loans and equity finance to Northern businesses that might otherwise struggle to secure investment. The Fund offers loans from £25k to £2m and equity investment up to £5m.