PriyaPatelTLDR:
- British Business Bank has launched the second edition of the Northern Powerhouse Investment Fund (NPIF II) with a total of £660 million.
- The fund aims to support small and medium-sized enterprises (SMEs) across the North of England with various finance options.
British Business Bank (BBB) has introduced the Northern Powerhouse Investment Fund II, a £660 million fund aimed at promoting the growth of small and medium-sized businesses in the North of England. The fund offers a range of financing options, including small loans ranging from £25k to £100k, debt finance from £100k to £2 million, and equity investment up to £5 million. The goal of BBB is to enhance financial inclusion by providing early-stage finance to businesses in the UK. NPIF II expands its scope to cover the entire North East region, following the success of the initial NPIF launched in 2017 targeting companies in North West, Tees Valley, Yorkshire, and the Humber. The fund has facilitated over £1 billion in direct and private sector co-investment to businesses since its inception. Nine fund managers have been selected to oversee NPIF II, with Maven Capital Partners in Glasgow managing equity deals up to £5 million. Kevin Hollinrake MP, UK Minister of State for Enterprise, Markets, and Small Business, highlighted the positive impact of NPIF II, stating that it will provide equity and loans to SMEs across the North to help them reach their full potential. The fund builds on British Business Bank’s efforts to support small business owners in the UK scale up and grow.
