Funding partners invest £1.7m in North West small firms during NPIF II first year
GC Business Finance and River Capital have provided more than £1.7m in support of SMEs in the first year of the Northern Powerhouse Investment Fund II (NPIF II).
The funding comes from NPIF II-GC Business Finance & River Capital Smaller Loans, which is managed by the consortium as part of NPIF II.
Since the launch of the fund in April 2024, the consortium has supported 32 businesses across the North West and is currently managing a strong pipeline of applications under review.
As part of their role delivering NPIF II Smaller Loans up to £100,000, GC Business Finance and River Capital have played a key role in unlocking early stage growth capital for small and medium-sized businesses across the North West.
Given that NPIF II is sector-agnostic, this enables the consortium to support a wide variety of businesses, regardless of industry, showcasing the depth of innovation and ambition across the North.
So far, this has included Liverpool-based sustainable packaging distributor Green Bell Packaging, Cheshire-based online, high end homeware store Tilly and Ted, and Lancashire-based Kidz Pamper Bus.
Of the funding provided, 41% has gone to female-led businesses, highlighting a shared commitment across the fund to supporting under-represented entrepreneurs and improving access to finance for all.
Andy Nichols, investment manager at GC Business Finance, said: “The team has played a key role in delivering NPIF II, backing ambitious and under-represented entrepreneurs across the North.
With 41% of investments going to female-founded businesses, we’ve supported game-changing growth for companies with underrepresented founders like Tilly and Ted, Green Bell Packaging and Kidz Pamper Bus, and we’re excited by the strong pipeline ahead.”
John Gray, head of debt at Liverpool-based River Capital, said: “NPIF II Smaller Loans provide a vital stepping stone for businesses that are scaling, investing in growth and innovation.
“It’s been a strong first year for delivery, and we look forward to continuing to back brilliant Northern businesses and their ambitions through this fund.”
Sue Barnard, senior manager at the British Business Bank, said: “Access to early-stage capital is vital for driving regional growth and boosting regional opportunity.
“GC Business Finance and River Capital have made a strong start in delivering NPIF II Smaller Loans, and it’s great to see this support reaching such a broad range of sectors and entrepreneurs across the North West.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25,000 to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
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.
The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
