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County Durham manufacturer to create 20 new jobs via £100k NEL funding renewal

A County Durham injection moulding firm has renewed its longstanding relationship with the North East’s “most active business investor” as part of its plans to double its turnover by the end of next year.

Formula Plastics has worked with NEL Fund Managers to bring in a £100k investment from the North East Small Loan Fund supported by the European Regional Development Fund via the Recovery Loan Scheme as it looks to regain ground lost during the pandemic.

Part of the £120m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of between £10k and £100k to businesses in Tyne & Wear, Durham and Northumberland.It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.

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