Northern Powerhouse Investment Fund boosts economy with £50m since launch

The Northern Powerhouse Investment Fund II (NPIF II) has made more than 130 investments totalling £50m into businesses in the North of England, following its launch in March 2024.
The £660m Northern Powerhouse Investment Fund II covers the entire North of England, providing 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.
A Yorkshire business that successfully secured NPIF II funding is Hull-based Wild Intervention, which delivers all-encompassing support to young people aged 16 and over, through outdoor education and activity programmes.
Wild Intervention secured the funding through NPIF II – BEF Smaller Loans, to help develop an app that can accurately store, monitor, and track the progress of the young people it works with. The funding will also help Wild Intervention free up cash flow to offer more community activities through the other arm of its business, Wild Opportunities.
In West Yorkshire, Talk Straight, a company which provides broadband and cloud services to schools throughout the UK, secured £1m from NPIF II – Mercia Debt Finance. The Ilkey business, which employs 70 staff, will use the company to bolster its team by adding six new jobs to its ranks, as well as expanding its sales and marketing arms.
Finlegal, a Sheffield-based legal-tech company also secured significant investment to help it expand into international markets. The first businesses to secure finance from NPIF II, the company raised £2m from NPIF II – Mercia Equity Finance, which will also be used to create 26 jobs.
The Northern Powerhouse Investment Fund II aims to build on the success of the first fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North.
Ken Cooper, managing director at the British Business Bank, said: “From youth outdoor education providers to cloud support services, NPIF II is already having an impact across all parts of the North of England. 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. Yorkshire is home to a vast network of small businesses, creating jobs across a wide range of industries, which is a key aim of NPIF II.
“The finance from NPIF II, and the work of our fund managers, is already boosting regional economies and creating opportunities for local entrepreneurs. 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.”