- The British Business Bank (BBB) has launched the second edition of its Northern Powerhouse Investment Fund (NPIF II) to support the growth of small and medium-sized enterprises (SMEs) in the North of England.
- The fund, totaling £660 million, offers various finance options including smaller loans ranging from £25k to £100k, debt finance from £100k to £2 million, and equity investment up to £5 million.
- BBB aims to enhance financial inclusion by providing early-stage finance to businesses across the UK.
- Unlike the initial NPIF launched in 2017, NPIF II will cover the entire North East region, broadening its scope beyond the North West, Tees Valley, Yorkshire, and the Humber.
- Since the launch of the first fund, BBB states that it has facilitated over £1 billion of direct and private sector co-investment to businesses.
- NPIF II will be overseen by nine fund managers, with Maven Capital Partners in Glasgow managing equity deals of up to £5 million.
- Kevin Hollinrake MP, UK minister of state for enterprise, markets, and small business, emphasizes the significance of NPIF II in unlocking equity and loans for SMEs across the North to help them realize their full potential and contribute to economic growth.
