Northern Powerhouse Investment Fund (NPIF), supported by the European Regional Development Fund, is an initiative launched by the government-owned British Business Bank.
It is a key part of the government’s ‘Northern Powerhouse’ vision, which aims to end the historic North / South divide and create economic prosperity in the North of England on par with London and the South East.
The government firmly believes that SMEs form the foundation of the region’s future growth. NPIF therefore aims to nurture regional entrepreneurship by providing investment and support for small and medium businesses between 2016 and 2021. NPIF's funding will support new and growing SMEs, create jobs and encourage and attract additional private sector investment.
NPIF provides commercial finance through three types of product funds: Microfinance, Debt Finance and Equity Finance. These funds provide funding options are designed to plug common gaps in the provision of finance, giving your business access to the funding it needs to help it grow.
In addition NPIF will help develop the business networks that will support these firms as they grow and nurture regional entrepreneurship for the long-term.
How does the funding work?
NPIF funding is drawn from several sources including the UK Government, the European Investment Bank, the British Business Bank and the European Regional Development Fund (including nominal allocations from 10 out of the 11 Local Enterprise Partnerships (LEPs) in the North of England*).
NPIF has appointed Fund Managers who are responsible for evaluating applications and allocating funds to businesses. Their work is complemented by dedicated NPIF staff who work with local business support providers in the LEP areas, including Growth Hubs.
*If you are looking for finance and are based in the North East outside of Tees Valley please Click here
If you are based in the Midlands and looking for finance, you can apply for funding via Midlands Engine