Finance provider Frontier Development Capital (FDC) has raised a further 拢30m from two of its existing investors.

The Birmingham-based company, which has an office in Bristol, supports smaller businesses and property developers nationwide with debt funding of 拢1m to 拢20m.

The additional funding comes from British Business Investments, which is a commercial subsidiary of the British Business Bank, and West Midlands Pension Fund. It will increase the size of its FDC Debt LP fund to 拢105m and bring its total funds under management to 拢445m.

FDC approved over 拢141m of investment for SMEs and property developers across the 海角视频 in the 12 months to the end of March 2023 鈥 up 76% on the previous financial year.

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Sue Summers, chief executive of Frontier Development Capital, said: 鈥淲e are grateful to our investors for this additional capital, which will enable us to extend our work in supporting the growth of SMEs. It comes after a landmark year in which we have approved a record amount of investment and joined forces with Mercia, which shares our passion for helping SMEs to thrive through the provision of flexible finance.

鈥淏eing part of Mercia will support our future fundraising efforts and help us identify even more potential lending opportunities. We look forward to further growth in the year ahead as we continue to establish FDC as a go-to provider of capital across the 海角视频 regions.鈥

Judith Hartley, chief executive, British Business Investments, added: 鈥淔ollowing our earlier commitment to FDC鈥檚 Debt Fund in 2020, we are pleased to be making an additional commitment of 拢10m to the Fund. Our increased commitment allows FDC to support further lending to smaller businesses across the 海角视频, and particularly in the regions.鈥欌

Rachel Brothwood, executive director of Pensions, West Midlands Pension Fund, commented: 鈥淲e are excited by the opportunity to commit additional capital and be able to contribute to the strategy and FDC growing in strength. The additional capital will enable FDC to provide funding required to support and grow fundamentally sound small and medium-sized enterprises while providing attractive risk-adjusted returns in a manner that is well aligned to our overall strategy and responsible investment approach. The recent partnership with Mercia highlights the growth and future ambition of the business with benefits achieved through synergies and complementary skill sets.鈥

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