Consortium backs Northern businesses with over £1.7 million in NPIF II Smaller Loans

GC Business Finance and River Capital have supported Northern businesses with over £1.7 million in smaller loans funding in the first year of the Northern Powerhouse Investment Fund II (NPIF II).

Since the launch of the fund in April 2024, the consortium has supported 32 businesses across the North West with NPIF II Smaller Loans of up to £100,000.

Of the funding provided, 41% has gone to female-led businesses, highlighting a shared commitment across the fund to supporting underrepresented entrepreneurs and improving access to finance for all. 

Andy Nichols (pictured, left), investment manager at GC Business Finance, said:

“The team has played a key role in delivering NPIF II, backing ambitious and underrepresented entrepreneurs across the North. With 41% of investments going to female-founded businesses, we’ve supported game-changing growth for companies with underrepresented founders like Tilly and Ted, Green Bell Packaging and Kidz Pamper Bus, and we’re excited by the strong pipeline ahead.”

John Gray (right), head of debt at River Capital, said:

“NPIF II Smaller Loans provide a vital stepping stone for businesses that are scaling, investing in growth and innovation. It’s been a strong first year for delivery, and we look forward to continuing to back brilliant Northern businesses and their ambitions through this fund.” 

Sue Barnard (middle), senior manager at the British Business Bank, said:

“Access to early-stage capital is vital for driving regional growth and boosting regional opportunity. GC Business Finance and River Capital have made a strong start in delivering NPIF II Smaller Loans, and it’s great to see this support reaching such a broad range of sectors and entrepreneurs across the North West.” 

The £660 million Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead. 

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.