The Northern Powerhouse Investment Fund (NPIF) has invested 31 million in over 200 SMES while in the North during its fresh of operation.
The 400 million Fund, that is certainly supported by the ecu Regional Development Fund, HR Government and the European Investment Bank, was released by Sheffield’s British Business Bank as the major factor within the government’s ‘Northern Powerhouse’ vision to back innovative, fast growing small companies.
Over one more 12 months, NPIF worked as kitchen staff while using 10 LEPs, Combined Authorities, as well as local accountants, fund managers and banks, to supply a mix off debt and equity capital to SMEs within the North West, Yorkshire & Humber and Tees Valley regions.
Appointed fund managers have completely finished deals between 25,000 to 2 million into businesses across a selection of industries, including technology and advanced manufacturing and life sciences.
Investments are actually completed across all 10 LEP areas additionally, the Fund has also been able to leverage a different 32 million in private sector finance for small businesses.
British Business Bank CEO Keith Morgan said: “It is astounding to discover NPIF getting a genuine impact to businesses in the North of England.
“The variety of significant milestones achieved within the last Yr, demonstrates the achievements of the regional funding models as well as the great need of people on the surface ensuring vital cash is efficiently dedicated to high-growth businesses.
“I am thoroughly stunned at the collaborative effort demonstrated by our appointed fund managers and the participating LEPs, and that i would wish to thank them for helping to offer a prosperous model that should certainly be released within the Midlands because the Midlands Engine Investment Fund (MEIF).”
Northern Powerhouse Minister Jake Berry added: “What the Northern Powerhouse Investment Fund has achieved in this short space of time is truly remarkable.
“The Northern Powerhouse Investment Fund has provided businesses across a wide array of industries the funds they should be innovate and grow C whether that be expanding into emerging markets, checking out research and development or hiring new staff to help you their company flourish.”