The Northern Powerhouse Investment Fund II has made more than 130 investments totalling £50m into businesses in the North of England, following its launch in March last year.
The £660m Northern Powerhouse Investment Fund II covers the entire North of England, providing loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.
The first Yorkshire business to receive funding from NPIF II was Sheffield-based Finlegal, which raised £2m help accelerate the growth of its client base internationally.
The Northern Powerhouse Investment Fund II aims to build on the success of the first fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North.
Ken Cooper, MD at the British Business Bank, said: “From asset management firms contributing to a green economy, to AI-enabled LegalTech companies and underwater marine tech, NPIF II is already having an impact across all parts of the North of England. Our region is home to some truly innovative businesses, and we want to ensure that every ambitious entrepreneur has the right support and finance to help their business to thrive.
“The finance from NPIF II, and the work of our fund managers, is already boosting regional economies and creating opportunities for local entrepreneurs. We have supported some great businesses so far, and we look forward to seeing the continued impact of NPIF II as it approaches its first year in operation.”
