NPIF invests more than £50m in SMEs across Northern Powerhouse region

Over 260 SMEs in the Northern Powerhouse region have been supported by more than £50m worth of investment from the Northern Powerhouse Investment Fund (NPIF).

Ken Cooper, managing director of Venture Solutions at the British Business Bank, announced this milestone as he spoke to investee businesses, stakeholders, partners and fund managers at NPIF’s one-year anniversary event in Leeds.

The £400m Fund, which is supported by the European Regional Development Fund, HM Government, and the European Investment Bank, was launched by the British Business Bank as part of the government’s ‘Northern Powerhouse’ vision.

The funding has been used to launch new products, employ new staff, enter new markets and launch new facilities.

Recent deals include a £250k investment from NPIF – Maven Equity Finance into Preston-based eOrigen, a digital media production company producing award winning training and educational content.

Powerhouse, the Leeds-based photography company, also received a £250k investment from NPIF – Mercia Debt Finance. This has enabled the company to purchase and fit out new premises which it will be moving into imminently.

In addition, a £125k investment made by NPIF - FW Capital Debt Finance is helping Darlington-based craft supplier and manufacturer Debbi Moore Designs Ltd break into the US market and create four jobs in Tees Valley.

Ken Cooper, managing director at British Business Bank, said: “NPIF investments have impacted all corners of the Northern Powerhouse area, unlocking finance for businesses across the North West, Yorkshire and the Humber and the Tees Valley.

“With deals ranging from a design, engineering and project management business in Grimsby to a cheese maker in Cumbria and advanced manufacturing businesses in Hull and Liverpool.

“The success of NPIF has played a key role in our regional agenda of tackling historic regional disparities in funding, not just here in the Northern Powerhouse region but we have been able to build on the successful model used here to develop funds in the Midlands, through the Midlands Engine Investment Fund (MEIF) which we launched in February, and we will soon be launching a fund for Cornwall and Isles of Scilly Fund.”

Roger Marsh, OBE, chairman of the NPIF SOB and chair of Leeds City Region Enterprise Partnership (LEP), commented: “It’s really great news that the NPIF has invested over £50m so far, supporting growing businesses and boosting the economy as a result.

“As NPIF celebrates its first anniversary this week I am delighted that we have hit this investment milestone and that businesses across the region and North are benefiting.”

The Northern Powerhouse Investment Fund provides microloans, debt and equity investments, ranging from £25k to £2m to help a range of small and medium sized businesses to start up, scale up or stay ahead. The Northern Powerhouse Investment Fund is delivered by The British Business Bank.