New £20 million fund aims to unlock business growth

Businesses across Northumberland are set to benefit from a new £20 million investment fund aimed at unlocking growth, jobs and innovation.

Northumberland County Council has launched the next stage of the Business Northumberland Investment Fund (BNIF), which forms part of the wider Northumberland Growth Fund.

The initiative is designed to address gaps in access to finance and support businesses that might otherwise struggle to secure investment.

Council bosses say it will help companies grow, create jobs and innovate while attracting further private sector investment into Northumberland.

Councillor Richard Wearmouth, cabinet member for business, growth and regeneration at Northumberland County Council, said: “Our new Northumberland Growth Fund demonstrates our commitment to creating long-term economic growth and opportunity across the county.

“We have ambitious businesses here, from innovative start-ups and scale-ups to established companies looking to invest and expand.

“The BNIF gives us the opportunity to back those ambitions with significant long-term investment, helping businesses create jobs, drive innovation and contribute to a stronger local economy.

“It will provide businesses with a new source of patient and flexible capital, helping them overcome barriers to growth and take advantage of the opportunities emerging across Northumberland.

“Importantly, this investment doesn't end with the initial £20 million. 

“As an evergreen fund, returns will be recycled into future opportunities, ensuring businesses continue to benefit from this investment for many years to come.”

The authority has now begun a procurement process to appoint an experienced, FCA-authorised fund manager to establish and oversee the BNIF.

Once appointed, the fund manager will bring investment expertise to the programme and support ambitious businesses across the county.

The tender has been published through the OPEN Tender Portal under project reference NCC1819 Business Northumberland Investment Fund (BNIF) Fund Manager Procurement.

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