GM businesses secured £15 million in NPIF investment in last 9 months

In the nine months from April 2020 to January 2021, the Northern Powerhouse Investment Fund (NPIF) delivered a record £15 million investment in Greater Manchester businesses.

The fund has now supported a total of 175 firms in the city-region with over £60 million invested through Equity Finance (£31 million) and Microfinance and Debt Finance (£30 million). NPIF investment has also help to attract a further £67 million into the region’s businesses from the private sector.

Recent recipients of funding from the NPIF include Wythenshawe software firm FISSARA. The firm secured a £125,000 investment from the government’s Future Fund as part of £250,000 investment round led by the NPIF and Maven Equity Finance. Oldham-based Linco Automotive also received a £100,000 loan from the fund to recruit staff and secure larger premises.

The NPIF has also been able to support firms with securing funding during the pandemic from the Coronavirus Business Interruption Loan Scheme.

Lou Cordwell, Chair of Greater Manchester Local Enterprise Partnership (GM LEP), said:

Greater Manchester’s SMEs have shown remarkable strength and adaptability throughout the pandemic. Businesses have had to access funding for a variety of reasons, and the support of a responsive, local partner has been crucial.

“NPIF’s continued investment underlines the strength of Greater Manchester’s long-term economic prospects. We will look to SMEs to play a vital role in our city-region’s economic recovery, and so any business in need of support should contact the NPIF or the Business Growth Hub to explore its options.”

Sean Hutchinson at British Business Bank said:

Over the last year, we’ve been inspired by the innovation, resilience and creativity shown by SMEs across the North. In Greater Manchester alone, we’ve seen many examples of businesses that have responded flexibly to the national lockdown and challenges arising from the pandemic.

“NPIF remains open for business in 2021 and beyond, and we encourage any business thinking of applying for funding to get in touch with our team.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.