Business

Northern Powerhouse fund tops £100m in support in just over a year

The Northern Powerhouse Investment Fund has invested more than £100m into businesses in the region since last April, new figures show.

More than 270 Northern businesses have benefited, with £60m provided through debt finance, £7m from the Microfinance across the North scheme and £35m from NPIF equity investments, a number of which were invested alongside the Government’s Future Fund.

The financing led to almost £150m of additional funding being brought in from the private sector, helping businesses to continue operating during the pandemic or adapt to launch new products or services.

Read more:Northern economy bouncing back

It comes after Chancellor Rishi Sunak announced an additional £100m allocation for the Northern Powerhouse Investment Fund in last year’s Spending Review, bringing the total for investment for Northern businesses to over £500m.

Sir Roger Marsh, chair of the Leeds City Region Local Enterprise Partnership, said: “I have seen first-hand the difference the Northern Powerhouse Investment Fund has made to the region’s economic development since it was established.

“With additional funds from the private sector, the NPIF has made almost a quarter of a billion pounds available to our region’s businesses since March last year.

“Over half of the NPIF’s investments since the start of the pandemic have been made into high growth sectors like digital, advanced manufacturing and health and life science.

“Backing innovative businesses like these to help create good, sustainable new jobs has the potential for the North to take a leading role in the recovery and as the UK builds new trading relationships with the rest of the world.”

Grant Peggie at British Business Bank said: “Over the last year, we’ve seen real determination and agility from the small business community across the North. Whether it has been used to simply survive or to adapt and thrive, this pandemic has demonstrated the transformational impact that funding and ongoing support can have on business success.

“We’ve worked closely with Combined Authorities, Local Enterprise Partnerships, Growth Hubs, and other key stakeholders across the region to provide this level of investment and business support over the last year and we are proud that this collaborative effort is making a real difference to companies in the region.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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