The Northern Powerhouse Investment Fund II (NPIF II) has now made over 130 investments totalling £50m into businesses in the North of England following its launch in March 2024.
The £660m fund covers the entire North of England, providing loans from £25k to £2m and equity investment up to £5m.
This is to help a range of small and medium-sized businesses to start up, scale up or stay ahead.
In the North East, Stockton-on-Tees-based Southern Asset Management received a six-figure loan from NPIF II – NEL Debt Finance to expand into new markets.
These markets include onshore wind turbine testing and rail sectors, to support the UK’s green energy transition.
In Sheffield, Finlegal, the first Yorkshire business to receive funding from NPIF II, raised £2m from NPIF II – Mercia Equity Finance to help accelerate the growth of its client base internationally.
Over in the North West, Cumbria-based Scrubmarine, a robotics company which has developed an underwater cleaning robotics device, secured £200,000 from NPIF II – Praetura Equity Finance.
This is to improve its hardware development by proving the efficacy of its cavitation system.
“From asset management firms contributing to a green economy, to AI-enabled LegalTech companies and underwater marine tech, NPIF II is already having an impact across all parts of the North of England,” said Ken Cooper, managing director at the British Business Bank, operator of the fund..
“Our region is home to some truly innovative businesses, and we want to ensure that every ambitious entrepreneur has the right support and finance to help their business to thrive.
“We have supported some great businesses so far, and we look forward to seeing the continued impact of NPIF II as it approaches its first year in operation.”
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England.