Investment fund exceeds £20m regional lending milestone
The Northern Powerhouse Investment Fund (NPIF), delivered by British Business Bank, has facilitated over £21m of investment across more than 54 businesses in the Humber region.
NPIF which has been investing since 2017, delivering equity finance, debt finance, and microfinance solutions ranging in size from £25,000 to £2m to businesses in the region is working with the Humber Local Enterprise Partnership and Growth Hub.
The total £21m invested includes £8m directly from the Fund itself, along with a further £13m leveraged from the private sector.
Recent investments include LiveLead, which received £300,000 from NPIF to support the marketing and national roll out of its online lead generation system which help SMEs access new business opportunities.
Other investments include Hull-based BEE Interiors, a national provider of ceilings and partitions services, which recently secured a £200,000 loan. The funding has allowed the company to move into a larger office space, and increase staff numbers from three to ten. It has also recently acquired an established painting and decorating business, further expanding its overall offering to clients.
NPIF is also able to support smaller businesses with loans ranging in size from £25,000 up to £100,000 through NPIF – BEF & FFE Microfinance.
The fund recently provided a £25,000 to Motrans, a Grimsby-based haulage company headed by Dean Morris. The loan helped Morris grow his fleet of vehicles, buy a vehicle transporter and renovate his premises to allow his business to grow.
Stephen Parnaby, chairman of the Humber LEP, said: “It is fantastic to see that NPIF is helping to unlock the potential of growing Humber businesses by providing vital finance to support their ambitions and growth.
“SMEs make up 98% of the Humber economy, so it’s great to see the region’s ambitious enterprises able to realise their potential through this much-needed financial backing.”
Grant Peggie, director at British Business Bank, said: “We have been impressed with the hard work shown by the NPIF Fund Managers over the last three years, which has resulted in over £21m worth of investment being provided to Humber’s most ambitious businesses.
“We expect that, due to the current economic climate, appetite for external finance will remain high as businesses seek support during the outbreak and beyond.
“Alongside our Fund Managers, we will look to maintain this momentum and continue to provide vital investment to the North’s businesses.”
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.
