NPIF celebrates five years of investing in the region’s SMEs

The Northern Powerhouse Investment Fund (NPIF) has celebrated that it has invested in over 1,000 SMEs across the North of England since it was launched five years ago.

The £500 million fund was launched 2017 by the British Business Bank using funding from the European Regional Development Fund (ERDF), HM Government and the European Investment Bank. To date, the NPIF has supported 1,033 businesses through 1,392 investments worth over £334 million. SMEs have also been able to leverage an additional £504 million from the private sector as a result of NPIF backing.

Following the October 2021 Spending Review, the NPIF is set to receive a further £660 million as part of the government’s levelling-up agenda and have an expanded remit to cover the North-east of England. The additional money will allow the fund to continue its work in reducing funding imbalances and create economic prosperity in the North of England.

Catherine Lewis La Torre, acting CEO of British Business Bank, said:

“Supporting over 1,000 businesses across the North of England is a significant milestone for NPIF. This investment has provided these businesses with the capital they needed to invest in R&D and to bring new products and services to market. This has resulted in increased revenues and has supported local communities through the creation of high quality jobs. As NPIF celebrates its first five years, and as a second NPIF fund has been announced, we recognise that there is still enormous potential for further productive investment in a broad range of businesses with ambitious growth plans across the North of England.”

Neil MacDonald OBE, Vice Chair at South Yorkshire Mayoral Combined Authority LEP and NPIF Strategic Oversight Board Member, said:

“More than 100 South Yorkshire businesses have successfully secured funding from the Northern Powerhouse Investment Fund over the past five years. The impact has not only been in business growth and productivity, but it has also allowed companies to create new jobs, invest in new technology, plants & equipment, expand their products or services into new international markets and to train and develop more staff. We look forward to supporting even more local businesses to access the NPIF fund in the future.”

Throughout the past five years, NPIF has worked closely with the North’s 10 Local Enterprise Partnerships (LEPs), Combined Authorities and Growth Hubs and offers a range of funding options from microfinance of £25,000 to £100,000 to equity funding up to £2 million.

Pictured: L-R: Oliver Coppard, Mayor of South Yorkshire and Chair of LEP, Neil MacDonald OBE, Vice Chair at South Yorkshire Mayoral Combined Authority LEP and Lucy Nickson Interim Chair of the South Yorkshire LEP