The Northern Powerhouse Investment Fund (NPIF) has revealed it has so far invested over £237 million into businesses across the North as it celebrates its fourth anniversary.
To date, the fund has been involved in 1,068 deals that have also attracted a further £288 million of private investment into the region.
NPIF was launched in 2017 by the British Business Bank and forms a key part of the UK Government’s levelling-up agenda to reduce economic imbalances between regions. Initially a £400 million fund, the Chancellor committed an additional £100 million to NPIF in 2020, making £500 million available for investment. The organisation works closely with region’s 10 Local Enterprise Partnerships, Growth Hubs and Combined Authorities to support SMEs in the North-west, Yorkshire & Humber and Tees Valley regions.
Catherine Lewis La Torre, CEO at British Business Bank, said:
From supporting businesses through the challenges of the last year to driving growth and innovation across a wide range of sectors, NPIF has had an immeasurable impact on the North’s business community over the last four years.
“Since joining the NPIF Strategic Oversight Board last year, I have been impressed by the resilience and ability to adapt shown by small businesses across the North. We’ve worked with so many inspirational and forward-thinking business leaders over the years, and there is no doubt in my mind that continuing support for our region’s community of businesses will be key to building back even better and even stronger.”
The fund provides microfinance deals of £25,000 to £100,000, debt finance up to £750,000 and equity finance of up to £2 million. The NPIF’s fund managers have also delivered Covid-19 support in the last year, including loans backed by the Coronavirus Business Interruption Loan scheme, and access to the Future Fund.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF), as well as HM Government and the European Investment Bank.