Thursday, April 22, 2021

NPIF reaches £237m funding milestone

The Northern Powerhouse Investment Fund (NPIF) has invested £237 million and created thousands of jobs.

In the four years since its inception, the fund has invested £237 million across 1,068 deals, which have attracted an additional £288 million in private sector funding.

NPIF has worked closely with the North’s 10 Local Enterprise Partnerships (LEPs), Growth Hubs, Combined Authorities and fund managers to support SMEs across the Yorkshire & Humber, Tees Valley and North West regions.

“I have seen first-hand the difference the Northern Powerhouse Investment Fund has made to the region’s economic development over the past four years,” said Roger Marsh, chair of the Leeds City Region Enterprise Partnership (LEP) and chair of the NPIF strategic oversight board.

“Alongside funds from the private sector, to date it has invested over half a billion pounds, backing innovative businesses to help create new jobs and level up the North.

“With support from institutions like the Northern Powerhouse Investment Fund, the North has the potential to take a leading role in the recovery and as the UK builds new trading relationships with the rest of the world.”

Catherine Lewis La Torre, CEO at Sheffield-based British Business Bank, added: “From supporting businesses through the challenges of the last year to driving growth and innovation across a wide range of sectors, NPIF has had an immeasurable impact on the North’s business community over the last four years.

“Since joining the NPIF Strategic Oversight Board last year, I have been impressed by the resilience and ability to adapt shown by small businesses across the North.

“We’ve worked with so many inspirational and forward-thinking business leaders over the years, and there is no doubt in my mind that continuing support for our region’s community of businesses will be key to building back even better and even stronger.”

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