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Economic growth

Northern Powerhouse Investment Fund II Drives Sustainable Growth in North West

Strategic Insights

— 1 min read

The Northern Powerhouse Investment Fund II (NPIF II), operated by the British Business Bank, has achieved a significant milestone of £660m, providing loans and equity finance options to smaller businesses in the North West of England. Since its launch, NPIF II has completed deals with innovative founders, helping businesses access the finance they need to unlock growth and new opportunities. The fund's purpose is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the North West.

Key Takeaways:

  • NPIF II has provided loans and equity finance options to smaller businesses in the North West, with a focus on breaking down barriers in access to finance.
  • The fund has completed several impressive equity deals, including a £1.8m investment into CareLoop, a digital therapeutic platform and university spinout company.
  • NPIF II has supported local entrepreneur Andy Barr in redeveloping the former YHA Dufton into Redstones, a new accommodation in Cumbria, creating new jobs and boosting the local tourism economy.
  • The fund has invested in over 300 businesses, with a direct investment of over £180m, helping businesses unlock growth and new opportunities.
  • NPIF II has worked with various fund managers, including Praetura, FW Capital, River Capital, and GC Business Finance, to deliver small loans, debt, and equity finance options to ambitious businesses.
  • The fund's purpose is to increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment.

Statistics:

  • £660m: The total amount of funding provided by NPIF II.
  • £180m: The direct investment made by NPIF II so far, with over 300 businesses benefiting from the fund.
  • 300: The number of businesses that have benefited from NPIF II's funding.
  • £2m: The maximum loan amount provided by NPIF II for start-up and scale-up businesses.
  • £5m: The maximum equity investment provided by NPIF II for start-up, scale-up, and stay ahead businesses.
  • £1.8m: The investment made into CareLoop, a digital therapeutic platform and university spinout company.

Sources:

  • "Byline: Alex Swift" from the provided text.
  • Praetura, FW Capital, River Capital, and GC Business Finance Smaller Loans (exact names as mentioned in the original text).
  • The British Business Bank.

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