Investment fund boosts more than 200 firms

MORE than 200 businesses across the North have tapped into a new investment fund in its first year, new figures have revealed.

- COREENA FORD Business writer [e-mail]

In its first year since launching, the Northern Powerhouse Investment Fund II (NPIF II) has completed the significant number of investments into small businesses, totalling more than £80m.

The investments have been delivered by the NPIF II fund managers across the North East, helping ambitious businesses to access small loans, debt, and equity finance options.

Operated by the British Business Bank, NPIF II is a £660m fund that provides loans and equity finance options for Northern smaller businesses that might otherwise not receive investment.

It builds on the success of the first Northern Powerhouse Investment Fund which was launched in 2017, having been extended to include the whole of the North by expanding its reach to cover the North East.