Strong first year for Powerhouse fund

The Northern Powerhouse Investment Fund (NPIF) has invested £31m in 207 SMEs across the region in its first 12 months, new figures have revealed.

They include a number of businesses in Lancashire. In one of its latest deals, Chorley-based Inleaf, which provides plant displays and living wall installations to offices, hotels, car dealerships and public spaces, received a £150,000 loan.

The fund was set up to provide a boost for the northern economy and back fast-growing and innovative businesses. It works with 10 Local Enterprise Partnerships including Lancashire’s.

Jake Berry, Northern Powerhouse Minister and Lancashire MP, pictured, said: “What the Northern Powerhouse Investment Fund has achieved in such a short space of time is truly remarkable.

“The Northern Powerhouse Investment Fund has given businesses across a wide range of industries the funds they need to innovate and grow - whether that be expanding into emerging markets, investing in research and development or hiring new staff to help their company flourish.”

The £400m Fund, which is supported by the European Regional Development Fund, HR Government and the European Investment Bank, was launched by the British Business Bank.

Its aim is to play a key part of the government’s Northern Powerhouse vision by backing innovative, fast growing small businesses.

The fund says its appointed managers have completed deals between £25,000 and £2m with businesses across a range of industries, including technology and advanced manufacturing and life sciences.

The fund has also managed to leverage an additional £32m in private sector finance for local businesses.

Keith Morgan, chief executive of British Business Bank, is delighted with the first 12 months and the results of the fund.

He said: “It is fantastic to see NPIF making a genuine impact to businesses in the North of England.

“The number of significant milestones achieved over the last 12 months, demonstrates the success of the regional funding models and the importance of people on the ground ensuring vital funds are efficiently invested in high-growth businesses. “I am thoroughly impressed by the collaborative effort demonstrated by our appointed fund managers and the participating LEPs.”