"Passing this 10m funding milestone in such a short space of time since launch is a fantastic achievement for the fund, our fund managers, and our partners in the 10 participating Local Enterprise Pa"
Keith Morgan, CEO of British Business Bank, said
Launched at the end of February 2017, NPIF supports regional entrepreneurship to create economic prosperity in the North of England. NPIF investment are provided through appointed fund managers which have already provided funding and support to over 90 businesses.
The business community in the North West has reacted positively to NPIF with corporate finance advisors, the Growth Hubs, banks, and accountants all referring clients to the funds. This is already making a real difference to small and medium businesses looking for funding options for the next step on their growth journey.
One of the latest investments to edge the Northern Powerhouse Investment Fund towards this significant milestone was a £100,000 investment by NPIF – Maven Equity Finance, a product fund managed by Maven, which was secured by Manchester-based social media marketing agency, Engage Hub.
The company will be using the investment to expand their current team of specialists and provide additional working capital to meet their rapidly growing customer base which already includes, Living Ventures, the Chop Houses and Q-Hotels.
Over the last six months, NPIF fund managers have provided finance to a number of high-profile businesses across a range of sectors, including a £250,000 investment to Blackpool-based, Omega Product Services and a £500,000 investment to Warrington-based renewable energy specialist, Aberla.
Jake Berry, Northern Powerhouse Minister, said: "It’s fantastic to see that so soon after we launched the Northern Powerhouse Investment Fund it’s already provided £10 million to support Northern businesses. The Fund is a great example of what can be achieved when the Government and businesses work together and is all part of our plan to boost the northern economy, creating more jobs and attracting investment in the region.”
Andy Burnham, Mayor of Greater Manchester, said: “The Northern Powerhouse Investment Fund is supporting local entrepreneurs and business owners to grow their companies here in Greater Manchester and across the North. As we look to rebalance our country’s economy, this fund’s approach can show the benefits that investment in the North has locally and across the UK. The showcase of innovative businesses at Venturefest Manchester last week shows the breadth of potential in the region.”
Keith Morgan, CEO of British Business Bank, said: “The North of England has long been a key region for innovation and economic growth in the UK. The Northern Powerhouse Investment Fund is now providing the financial backing to tap the growth potential of businesses across the North, helping both the regional and the national economy.
Ray Sherlock, Director at Engage Hub, said: “It’s great to see the British Business Bank and fund managers working together to ensure businesses in the region have access to the right levels of funding.
"With this investment, we will fast track our growth and productivity to propel Engage Hub forward to a world stage as one of the best social influence Agencies around. This is our time. With the funds we will be creating new jobs, moving to bigger offices as well as delivering a disruptive marketing campaign for the leisure, lifestyle and hospitality sectors.”
The Northern Powerhouse Investment Fund provides microfinance, debt and equity investments, ranging from £25,000 to £2m to help a range of small and medium sized businesses to start up, scale up or stay ahead. The Northern Powerhouse Investment Fund is delivered by The British Business Bank.
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.
For more information about Northern Powerhouse Investment Fund, please visit www.npif.co.uk.