The Northern Powerhouse Investment Fund II (NPIF II) has successfully invested over 拢80m into over 200 small businesses across the North in its first year since launching.
The 拢660m fund provides loans and equity finance options for smaller businesses in the North of England that might otherwise not receive investment.聽
Operated by the British 老九品茶 Bank, the purpose of NPIF II is to break down barriers in access to finance by providing loans from 拢25k to 拢2m and equity investment up to 拢5m to start up, scale up, and stay ahead.
Building on from the first Northern Powerhouse Investment Fund, which launched in 2016, NPIF II was extended to encompass the entirety of the North of England by extending its reach to cover the whole of the North East.
In its first year in operation, it has delivered investment to a range of businesses, supporting them to achieve a variety of different growth objectives.聽
Newcastle-based fintech specialist, Kani Payments, received multi-million-pound investment from the Maven VCTs alongside NPIF II – Maven Equity Finance.聽
The Padel Club also raised 拢1.5m in funding from NPIF II 鈥� Praetura Equity Finance in one of the first deals for NPIF II in the North West. The deal helped to accelerate its growth plans which has led to the opening of its new site in TraffordCity last month, which will be home to 11 courts.
鈥淥ur focus has always been towards helping smaller businesses achieve their ambitions by gaining transformational access to finance,鈥� said Adam Kelly, managing director, co-head of funds at the British 老九品茶 Bank.
鈥淔rom padel courts to independent vets, the Northern Powerhouse Investment Fund II has done exactly that by empowering local business leaders and entrepreneurs to grow their organisations.
鈥淚n its first year, over 拢80m invested into the Northern economy is a fantastic feat, and we鈥檙e proud to have supported companies at the forefront of innovation, the green economy, and those led by underrepresented founders. This is only the first year of NPIF II and there are still so many great businesses out there looking for investment.鈥�