It aims to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the North. It will provide funds to firms that might otherwise not receive investment, helping to break down barriers in access to finance.
In the North West, GC Business Finance and River Capital will manage the smaller loans part of the fund (£25,000 to £100,000), FW Capital will be responsible for larger loans (£100,000 to £2 million) and Praetura Ventures will manage equity deals (up to £5 million).
Since the launch of the first Northern Powerhouse Investment Fund in 2017, over £1bn of direct and private sector co-investment has been facilitated to businesses.
Louis Taylor, chief executive of the British Business Bank, said: “The success of the first Northern Powerhouse Investment Fund has proven the instrumental change that access to finance can have for small businesses.
“From creating hundreds of jobs to developing ground-breaking products, we have seen companies that previously lacked funding options accelerate forward in their growth journeys, which has ultimately benefitted the whole of the Northern economy.
“This is why it was important to continue the Northern Powerhouse Investment Fund into its next phase. With further funding available, and a greater geographical reach in the North East, the Northern Powerhouse Investment Fund II will engage more stakeholders across the regions, bringing the business community closer together to create more opportunities for entrepreneurs everywhere.”
Mark Gibbons, lead adviser, Boost Access to Finance added: “The Northern Powerhouse Investment Fund II will provide a real boost to businesses across the north looking to access external finance to accelerate their growth, including Lancashire businesses.
“In Lancashire, Access to Finance can help businesses understand their finance options and prepare them to apply for funding such as NPIF II. We have a team of finance professionals ready to support.”
Eligible businesses in Lancashire can contact Boost’s Access to Finance team via the Boost helpdesk here: https://www.boostbusinesslancashire.co.uk/contact-helpdesk
The British Business Bank will be holding a roadshow of events for small business finance intermediaries across the region to provide more information about the Fund. Destinations include Newcastle (April 18); Manchester (April 24), Sheffield (April 30).
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