The Northern Powerhouse Investment Fund has invested £31m in 207 Northern-based SMEs during the first 12 months of operation.
The £400m Fund, which is supported by the European Regional Development Fund, HR Government and the European Investment Bank, was launched by the British Business Bank as a key part of the government’s Northern Powerhouse vision to back innovative, fast growing small businesses.
In the past 12 months, NPIF has worked with the 10 Local Enterprise Partnerships, combined authorities, as well as accountants, fund managers and banks, to provide a mix of debt and equity capital.
Appointed fund managers have completed deals between £25k to £2m into businesses across a range of industries, including technology and advanced manufacturing and life sciences.
Keith Morgan, CEO of British Business Bank, (pictured) said: “It is fantastic to see NPIF making a genuine impact to businesses in the North of England. The number of significant milestones achieved over the last 12 months, demonstrates the success of the regional funding models.”