A Northern investment fund has topped the £300m mark, having helped almost 1,000 businesses around the region.
The Northern Powerhouse Investment Fund, which is run by the British Business Bank using EU funds, has made 1,280 investments to 952 companies.
Supporting businesses in a range of sectors, it has provided £122m in equity finance, £162m in debt finance and £19m in microfinance.
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Its support has allowed companies to attract more than £400m from the private sector, taking its total impact to more than £700m. In particular it has provided support to a number of advanced manufacturing companies, but has also been involved in renewable energy, ecommerce, media and telecoms, and health and life sciences.
In the most recent Government spending review, £660m was allocated for the next phase of the fund.
Catherine Lewis La Torre, CEO of British Business Bank, said: “The Northern Powerhouse Investment Fund is an important source of funding for hundreds of businesses across the North of England. Through improved access to finance, these investee businesses have been able to realise their growth plans, create jobs and achieve their full potential.
“We have built an incredible network of partners and stakeholders across the region which will underpin the launch of our next generation Investment Fund, which we view as a vital step in delivering a stronger North.”
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Sir Roger Marsh, chair of the NP11 group of Northern LEPs, said: “There have been countless success stories in the NPIF portfolio to date, with organisations of all sizes and sectors enlisting the support of fund managers, local enterprise partnerships and other regional stakeholders.
“The first NPIF has been a resounding success and hugely important tool to many of the exciting businesses we have here. With the recent announcement of the NPIF’s successor, which will also include the North East LEP area, this will inevitably help us build an environment where businesses continue to thrive.”
The fund is supported by the European Regional Development Fund and the European Investment Bank.
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