The Northern Powerhouse Investment Fund is marking another milestone as it celebrates backing £100m of investment across the Northern Powerhouse region.
The Fund has directly invested £60m in small and medium sized companies since its launch, in deals that have attracted an additional £40m of investment from the private sector.
Investments from the fund cover a broad range of business types with a strong appetite evidenced from manufacturing and high-tech businesses with a total of £11m and £15m invested in these sectors respectively.
To date, it has made over 300 investments in small growing businesses across the 10 Local Enterprise Partnership areas it operates in. Northern Powerhouse Minister, Jake Berry MP, said:“The Northern Powerhouse Investment Fund has achieved truly remarkable things in a very short space of time.
“As we reach the £100m milestone, we’re hearing from Northern innovators, creators and entrepreneurs who have used these investments to create jobs, up-skill their workforces and rapidly expand their businesses.”
“The British Business Bank is committed to increasing the scope and availability of investment across the UK regions and we’re pleased to see entrepreneurs willing to take advantage of the opportunities that this type of funding brings.”
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.
For more information about Northern Powerhouse Investment Fund, please visit www.npif.co.uk.