The Northern Powerhouse Investment Fund (NPIF) has directly invested £100 million in almost 400 northern SMEs.
These investments have, in turn, attracted an additional £84 million worth of investment from the private sector.
The £400m NPIF fund was launched in 2017 by Sheffield’s British Business Bank (BBB) using funding from the European Regional Development Fund, HM Government and the European Investment Bank.
NPIF forms a key part of the BBB’s activities to help reduce regional funding imbalances and create economic prosperity in the North of England.
Over the last two years, NPIF has worked with 10 Local Enterprise Partnerships (LEPs), Combined Authorities, local accountants, fund managers and banks to provide both debt and equity finance to SMEs across the North West, Yorkshire & Humber and Tees Valley regions.
Northern Powerhouse Minister Jake Berry said: “The Northern Powerhouse Investment Fund plays a vital role in supporting businesses to grow, innovate, create new jobs and boost skills across the Northern Powerhouse.
“The investments so far demonstrate what can be achieved when the Government works hand-in-hand with both the private and public sectors to support businesses and communities to thrive.”
Roger Marsh, Chairman of the NPIF Strategic Oversight Board and Chair of Leeds City Region Enterprise Partnership (LEP), said: “As Chairman of NPIF’s Strategic Oversight Board, I am proud to see the impact these funds are having on innovation and job creation within the North of England.
“Having previously been stifled by a lack of funding options, we are now seeing Northern businesses make the most of this opportunity and unlock their true potential.
“It is encouraging to see the funds being deployed so quickly, and we hope to continue this momentum in NPIF’s third year.”