The Northern Powerhouse Investment Fund (NPIF) has made 45 investments in the Tees Valley region since its launch in 2017, worth a combined £10m.
NPIF, delivered by British Business Bank, offers funding options, ranging from £25,000 to £2m, to businesses based in the 10 Local Enterprise Partnership (LEP) areas that make up the Northern Powerhouse region. These options include Microfinance, Debt Finance, and Equity Finance.
Since the Fund’s launch in February 2017, enquiries have come from growing businesses across a number of the region’s strongest performing sectors. These include manufacturing, information and communication technology and wholesale services.
Tees Valley Mayor Ben Houchen said: “These investments have backed some of the most important people in the Tees Valley, the job-creators, innovators, entrepreneurs and risk-takers at the forefront of our economic ambitions. In helping businesses to go from strength to strength, the funding in the Northern Powerhouse Investment Fund is making a huge difference to the whole of the region.”
Ken Cooper, Managing Director at British Business Bank, said: “It is good to see that businesses in the Tees Valley are rising to the challenge and accessing the funding available from the Northern Powerhouse Investment Fund. Small businesses will be key to the future growth of the region. NPIF has the capacity to back many more companies and we look forward to more growth and more jobs as the region’s SMEs seek this investment.”
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.