Investment fund passes £30m milestone

The Northern Powerhouse Investment Fund has invested £31m in 207 Northern-based SMEs during the first 12 months of operation.

Friday, 9th March 2018, 9:21 am
Updated Friday, 9th March 2018, 11:25 am
Keith Morgan

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.

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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.”