Newsletters

Back to Northern Powerhouse Investment Fund News – Issue 11

Foreword

This month marks four years since the British Business Bank launched the Northern Powerhouse Investment Fund. The impact that NPIF has had on the northern business community in that time has been significant, testament to our partnership  with LEPS, our dedicated Fund Managers and of course the innovation and resilience of our small businesses. 

Since it was established in 2017, NPIF has demonstrated the power of working closely with the 10 northern LEPs, Growth Hubs, Combined Authorities and other key regional stakeholders to support economic growth and productivity. The Fund continues to bring this pool of resources together and align with the Government’s Levelling Up agenda – an initiative which the Bank fully supports.

Looking back there is no doubt that the small business community has been faced with prolonged challenges, driven by the national lockdown. However, I am continually impressed and inspired by businesses in all corners of the North working hard to adapt to new ways of working.

The united response to the pandemic has been remarkable. The invaluable support from the CBILS, BBLS and Future Fund has made growth for some and survival for others possible. Every day, we are hearing of the impact of companies adapting and overcoming challenges. Whether it is the ability to innovate new products or services, expand into new markets, upskill or recruit new staff, the individual stories are truly inspiring.

In what can only be described as the most economically challenging period of our lifetimes, it is encouraging to see small businesses leading the way to long-term recovery. This was the sentiment from the Chancellor earlier this month as he announced his Spring Budget, in which he announced a series of initiatives including the Recovery Loan Fund and Future Fund: Breakthrough to further support businesses in getting back on their feet, while paving a clear way to recovery in the coming months.

We’re also seeing a clear way forward for facilitating greater green investment in the North, something that is high on the agenda for the Bank and NPIF as we seek to support businesses to succeed in a net zero economy.

In March we celebrated International Women’s Day. As a female leader I am fortunate to be surrounded by a supportive team who inspire me every day but I know that this is not the case for every business woman. International Women’s Day provides us with an opportunity to celebrate the achievements of the women around us but is also a call to action to maintain momentum to drive positive change. Today, this is more important than ever as we observe how Covid-19 has exacerbated pre-existing inequalities in the workplace and which will be required if we are to build back a better, fairer and more inclusive society.

Finally I would like to personally thank all the inspiring founders, leaders, businesses, partners and stakeholders that have been a part of the NPIF journey to date as we look forward to observing the very real impact that the Fund will deliver in the region in the years to come.

Catherine Lewis La Torre, CEO, British Business Bank

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank…

Editors Notes