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New £400 Million Fund to Boost Northern Powerhouse Business Enterprise

Designed to support the growth of small to medium enterprises (SMEs) across the Northern Powerhouse, a new fund of £400 million is due to unlock the region’s further economic potential.

New 400 Million Fund to Boost Northern Powerhouse Business Enterprise

Designed to support the growth of small to medium enterprises (SMEs) across the Northern Powerhouse, a new fund of £400 million is due to unlock the region’s further economic potential.

Launched by the British Business Bank at the Northern Powerhouse Conference and Expo in Manchester, the £400 million Northern Powerhouse Investment Fund (NPIF) will provide a combination of equity and debt capital to SMEs based in the north.


Working with 10 Local Enterprise Partnerships (LEPs), together with combined authorities, Growth Hubs, local accountants, fund managers and banks, the NPIF is due to offer more funding choices for SMEs, supporting their growth at all stages of their development.


The move is part of the government’s Northern Powerhouse initiative, which aims to provide a more even distribution of wealth across the UK’s northern regions, and it follows the launch of the Industrial Strategy Green Paper – an ambitious plan to increase living standards and economic growth by optimising the UK’s workforce productivity.


Aside from incorporating capital assigned to each of the 10 northern LEPs, the NPIF’s budget was also boosted by a British Business Bank group company – the British Business Finance Limited – by the Department for Business, Energy and Industrial Strategy (BEIBS) and by the European Investment Bank (EIB).


Commenting on the NPIF’s launch, Keith Morgan, CEO at British Business Bank said:


“The North of England has a long and proud history of driving global innovation and economic progress. The region has more high-growth businesses than London and, at close to one fifth of UK GDP, is larger than the economies of Greece, Denmark, Austria and Belgium.


“The region has enormous untapped economic potential that can be realised by improved funding options and opportunities. The Northern Powerhouse Investment Fund represents a co-ordinated policy approach to help realise this potential across the North.”


Further unlocking investment opportunities across the Northern Powerhouse will be the government’s plan for a new High Speed Rail 2 (HS2), a £55.7 billion scheme that recently received royal assent.

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