Fund reaches £50m lending milestone
NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), has lent over £50m since its launch five years ago.
During that time the fund has provided loans to almost 200 businesses across Yorkshire and Humber and helped to attract an additional £31m in private sector co-investment.
Among the companies it has supported have been Sheffield’s Tinsley Bridge Group, a provider of suspension parts for trucks and industrial steel products; Rosehill Polymers of Sowerby Bridge which makes rubber products including security barriers, rail crossings and traffic islands; Wold Top Brewery in North Yorkshire; Huddersfield software company Adventoris; and Sheffield animation studio Red Star.
One of the first businesses to benefit was STEPS, a Sheffield rehabilitation centre founded by sisters Toria Chan and Jules Leahy.
The fund provided investment during the very early stages of the business to help it develop and grow. STEPS is now one of the leading facilities of its kind in the region, employing around 140 staff.
NPIF – Mercia Debt Finance can provide loans from £100,000 to £750,000 and is accredited under the government’s Recovery Loans Scheme (RLS).
Paul Taberner, managing director, Debt at Mercia, said: “Over the past five years the fund has supported broad swathes of the regional economy. It has helped businesses take on new projects, invest in equipment, develop new products, adapt to changing markets and navigate the challenges of the pandemic.
“Whereas many lenders will assess a company purely on its past trading record, we are prepared to consider what it could achieve in the future – which is particularly important as businesses recover from the pandemic.”
Sean Hutchinson, at British Business Bank, added: “The work that the Northern Powerhouse Investment Fund and Mercia have been doing over the last five years has been transformational for businesses in Yorkshire and Humber.
“Since it launched five years ago, businesses have been able to thrive and achieve their goals, using investment to create jobs, launch new products, and expand into new markets.”
