Keith Morgan

NPIF provides £31m to northern SMEs



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The Northern Powerhouse Investment Fund (NPIF) has lent £31m to 207 northern-based SMEs in its first 12 months of operation.

The £400m fund – which is backed by the European Regional Development Fund, HM government and the European Investment Bank – was launched by the British Business Bank to support the government’s ‘Northern Powerhouse’ vision to fund innovative, fast-growing SMEs.

Over the past 12 months, the NPIF has worked with 10 local enterprise partnerships (LEPs), combined authorities, local accountants, fund managers and banks to deliver a combination of debt and equity finance to SMEs in the North West, Yorkshire and Humber, and Tees Valley regions.

Recent NPIF investments include:

  • a £150,000 loan from NPIF – FW Capital Debt Finance, managed by FW Capital, into Lancashire-based Inleaf
  • an £80,000 microfinance loan from NPIF – BFS and MSIF Microfinance for Liverpool-based Inovus Medical
  • a £600,000 investment from NPIF – Maven Equity Finance, managed by Maven Capital Partners, into Manchester-based Hiring Hub
  • a £25,000 microfinance loan from NPIF – BEF and FFE Microfinance and delivered by the Business Enterprise Fund (BEF) into York-based Revolution Waves
  • a £250,000 loan from NPIF – FW Capital Debt Finance into Teesside-based ENEX
  • an investment from NPIF – Mercia Equity Finance into Hull-based Ash TV.

“It is fantastic to see NPIF making a genuine impact to businesses in the North of England,” said Keith Morgan, CEO at British Business Bank (pictured above).

“The number of significant milestones achieved over the last 12 months, demonstrates the success of the regional funding models and the importance of people on the ground ensuring vital funds are efficiently invested in high-growth businesses.

“I am thoroughly impressed by the collaborative effort demonstrated by our appointed fund managers and the participating LEPs, and I would like to thank them all for helping to deliver a successful model that will now be rolled out in the Midlands as the Midlands Engine Investment Fund (MEIF).”

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