NEWS  >  Strong demand for £400m Powerhouse fund
Keith Morgan and Leeds LEP chairman Roger Marsh
29
Mar

Strong demand for £400m Powerhouse fund

More than 500 businesses across the North have enquired about funding from the £400m Northern Powerhouse Investment Fund (NPIF), four weeks after it opened to the market.

Small- and medium-sized enterprises (SMEs) across the region have contacted the NPIF fund managers about the funding options available, which includes microfinance (£25,000 - £100,000), debt finance (£100,000 - £750,000) and equity finance (up to £2m).

NPIF was launched in February and has since brought together about 1,500 delegates across ten regional events in the Northern Powerhouse region to introduce the new source of regional economic development funding.

SMEs, fund managers, and local enterprise partnership representatives discussed the opportunities available for businesses and how these funds can be accessed.

Keith Morgan, chief executive of The British Business Bank which is behind the NPIF in conjunction with the ten local enterprise partnerships, said the interest "demonstrates the strong appetite for growth" in the North.

"Not only is the volume of business introductions and enquiries immensely encouraging, we are also pleased to see companies in a range of different sectors showing interest," Morgan added.

NPIF will work alongside Growth Hubs, accountants and the banks, to provide a mix of debt and equity capital to SMEs at all stages in their development.

Doncaster firms interested in the fund should contact Business Doncaster’s Business Growth Manager Sue Harrison on 01302 862474 or email sue.harrison@doncaster.gov.uk.

Original source