The British Business Bank recently launched its £400m Northern Powerhouse Investment Fund (NPIF).
Based in Sheffield, the new fund will work with 10 Local Enterprise Partnerships (Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding), combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mixture of debt and equity capital to northern-based SMEs at all stages of their development.
NPIF will provide funding to fund managers who will offer Microfinance (£25,000 – £100,000), Business Loans (£100,000 – £750,000) and Equity Finance (up to £2m).
The fund managers appointed to manage the Northern Powerhouse Investment Fund are:
Microfinance: Business Finance Solutions & MSIF, Finance for Enterprise & Business Enterprise Finance
Business Loans: FW Capital and Enterprise Ventures
Equity Finance: Maven Capital Partners and Enterprise Ventures
Initially announced in November 2015, NPIF combines capital allocated to the 10 LEPs in the North West, Yorkshire and Humber and the Tees Valley by the European Regional Development Fund (ERDF), a loan from the European Investment Bank (EIB), funding from the Department for Business, Energy and Industrial Strategy (BEIS) and an additional loan from British Business Finance Limited, a British Business Bank group company.
The project is supported financially by the European Union attracting investment from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FinSMEs
10/03/2017