Further £100m committed to Northern Powerhouse Investment Fund
An additional £100m has been allocated for the Northern Powerhouse Investment Fund (NPIF), taking the total investment to £500m.
The British Business Bank launched the NPIF in d in February 2017 and has recently passed its £200m milestone, having directly invested £200m into more than 700 Northern-based SMEs in deals that have attracted an additional £232m of investment from the private sector.
Regionally, the fund has reached a series of milestones in recent months, including £20m of investment in the Humber, £30m in Lancashire and £30m in Liverpool City Region, and now supports almost one in five equity deals across the North.
Chancellor confirmed the additional allocation in his Spending Review yesterday (25 November 2020).
Catherine Lewis La Torre, chief executive of British Business Bank, said: “The Chancellor’s announcement of additional funding for NPIF today is a real boost for businesses in the North and the partners working hard to support them.
“It also underlines the bank’s commitment to the Levelling Up agenda, with the government making it a strategic priority to ensure investment is going into businesses across the whole of the UK.
“Having recently passed its £200m milestone, NPIF has demonstrated a strong track record of supporting small businesses across the North, and will continue to be a key player contributing to the UK’s economic recovery.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding 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.