The new £400 million Northern Powerhouse Investment Fund (NPIF) continues to support growth – working to help businesses across the North West realise their potential.
And it is making a difference, with a number of Lancashire businesses of all sizes receiving funding packages to help their development.
NPIF has been set up by the British Business Bank in conjunction with the Lancashire Enterprise Partnership and nine other LEPs across the North.
Its main aim is to help businesses become a successful part of the Northern Powerhouse vision being promoted by the government
Sue Barnard, Senior Relationship Manager at British Business Bank, has spoken about the level of innovation taking place across Lancashire.
She added: “Through the help of our fund managers, we aim to support more high-growth SMEs in making their growth plans a reality.”
There are a wide range of funding options that the NPIF is making available for entrepreneurs, start-ups or SMEs.
The fund offers three different options designed to plug gaps in the provision of commercially available finance, ranging from £25,000 loans to £2m equity investments.
The first option being offered is microfinance – small business loans of between £25,000 and £100,000, aimed at new or growing businesses to support their working capital needs.
Then there is debt finance – business loans of between £100,000 and £750,000. This support is aimed at early stage or more established businesses that can demonstrate growth potential.
And finally there is equity finance on offer. This early stage and later stage equity funding of between £50,000 and £2m is for established businesses with ambitious plans or large start-ups with high growth potential.
The fund is also stressing that its investment packages are open to a wide range of sectors, from early stage innovative businesses through to manufacturing and creative and digital industries.
So, for businesses that can demonstrate growth potential, this may be the trigger that helps them scale-up. And it is well worth looking to see if your venture is eligible.
Financed by the European Regional Development Fund (ERDF), the European Investment Bank (EIB) and the UK government, NPIF aims to provide small and medium businesses with increased flexibility in the types of funding available.
It will work alongside the LEPs and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mix of debt and equity capital to SMEs at all stages in their development.
To discuss any aspects of your business growth and funding, please contact me on 01772 43000.