A Northern investment fund has passed the £300million mark, having helped nearly 1,000 businesses in the region.
The Northern Powerhouse Investment Fund, which is managed by the British Business Bank using EU funds, has made 1,280 investments in 952 companies.
Supporting businesses in various sectors, it has provided £122m in equity funding, £162m in debt funding and £19m in microfinance.
Read more : go here for more news on the financial sector
Its support has seen businesses attract over £400m from the private sector, bringing its total impact to over £700m. In particular, he has supported a number of advanced manufacturing companies, but has also been involved in renewable energy, e-commerce, media and telecommunications, and health and life sciences. life.
In the government’s latest spending review, £660 million 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 in the North of England. Thanks to better access to financing, these beneficiary companies were able to realize their growth plans, create jobs and realize their full potential.
“We have built an incredible network of partners and stakeholders across the region that will underpin the launch of our Next Generation Investment Fund, which we see as a critical step in delivering a stronger North.
Sir Roger Marsh, Chairman of the NP11 Group of Northern LEPs, said: “There have been countless successes in the NPIF portfolio to date, with organizations of all sizes and from all sectors calling on the support of managers funds, local business partnerships and other regional stakeholders. .
“The first NPIF was a resounding success and an extremely important tool for many of the exciting businesses we have here. With the recent announcement of the successor to the NPIF, which will also include the North East LEP area, this will inevitably help us create an environment in which businesses will continue to thrive.
The fund is supported by the European Regional Development Fund and the European Investment Bank.
Subscribe to Northern Agenda’s free political newsletter for stories about power, politics and people in the North, delivered straight to your inbox every day.
To subscribe, all you have to do is click on this linkand enter your email address.