Northern Powerhouse Investment Fund announces first investments
By Jordan WilliamsThe British Business Bank has announced the first investments of the £400m Northern Powerhouse Investment Fund (NPIF)
The fund has provided £240,000 to four SMEs through lenders offering microfinance, business finance and equity finance.
The NPIF project is supported financially by the European Union using funding from the European Regional Development Fund.
The current funding transactions included:
- Enterprise ventures debt finance to provide a £100,000 loan to TV products supplier Blake UK to allow it to diversify its product range
- CCTV company Red Security Solutions received £100,000 from Business Finance Solutions to invest in new technology
- BEF & FFE Microfinance delivered £40,000 in funding to fire protection company Vulcan Passive Fire Systems for its expansion
- FW Capital Debt Finance supported varnishes, resins and compounds manufacturer AEV Limited.
Andrew Percy, Northern Powerhouse minister, said: “These first investments show how this fund is already making a great impact.
“It’s delivering the resources local businesses need to reach their potential.”
Keith Morgan, CEO at British Business Bank, said: “While there is work ahead to fully unlock the potential of businesses across the Northern Powerhouse region, the announcement of these first investments shows significant momentum and is cause for great optimism.
“We are confident that we can build on this strong start to provide funding across the range of geographies and sectors, making a real difference to the Northern Powerhouse region.”
Keywords: British Business Bank, Northern Powerhouse Investment Fund, Enterprise Ventures Debt Finance, Business Finance Solutions, BEF & FFE Microfinance, microfinance, business finance, equity finance.