More than 1000 firms supported by NPIF
Growth Hub
NPIF
21/07/2022
Northern Powerhouse Investment Fund marks 5th anniversary
The Northern Powerhouse Investment Fund (NPIF) has marked its fifth anniversary, with more than 1,000 businesses supported since it launched.
With an investment total of £334m and an additional £504m attracted in private sector co-investment, NPIF has provided more than £800m of funding to Northern small businesses.
In total, 1,033 businesses have benefitted from the fund since its launch in 2017.
NPIF was launched in 2017 by the British Business Bank using funding from the European Regional Development Fund (ERDF), HM Government and the European Investment Bank.
NPIF forms a key part of the Bank's activities to back the Government's Levelling Up agenda by helping to reduce regional funding imbalances and create economic prosperity in the North of England.
Throughout the past five years, NPIF has worked closely with the North's ten Local Enterprise Partnerships (LEPs) Combined Authorities and Growth Hubs. NPIF and its Fund Managers have worked with these organisations to support small and medium businesses across the North West, Yorkshire & Humber and Tees Valley Regions.
At the Spending Review in October 2021, the then Chancellor Rishi Sunak pledged a further £660m for the next generation of NPIF, which is set to cover every corner of the North, including the North East LEP area.
Catherine Lewis La Torre, acting chief executive 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."
NPIF offers a range of funding options to suit all types of businesses including Microfinance between £25,000 and £100,000, Debt Finance between £100,000 and £750,000, and Equity Finance up to £2m.