The British Business Bank has delivered £500m in funding to 2,000 businesses across Yorkshire and the Humber in 2024/25. This contribution is expected to generate an additional £1.2bn in turnover over the lifespan of the financing, supporting 21,300 existing jobs and creating an estimated 2,200 new roles.
A major driver of this economic impact is the £660m Northern Powerhouse Investment Fund II (NPIF II), which has secured over £130m in funding since its inception, including £80m in direct investment and £55m from private sector leverage.
Following a significant increase in financial capacity, the Bank is set to enhance its annual investment to £2.5bn. This move, part of its increased financial capacity of £25.6bn, is aimed at attracting more third-party capital and extending support to a broader range of businesses across the country.
In total, the British Business Bank has facilitated £6.8bn in finance for small businesses, with a notable 84% of this funding going to companies outside London. This marks a significant milestone in the Bank’s mission to increase access to funding for businesses across the UK, particularly in underfunded regions.
