If you are an entrepreneur, a start-up or SME located in the North of England*, the Northern Powerhouse Investment Fund (NPIF) could provide the funding you need to help your business realise its potential.
NPIF is a collaboration between the government-owned British Business Bank and ten Local Enterprise Partnerships (LEPs) in the North West, Yorkshire, the Humber and Tees Valley and provides commercially focussed finance to help SME’s start -up and grow.
NPIF combines £400 million of funding from the UK Government, European Regional Development Fund, British Business Bank and European Investment Bank to help businesses in the region to scale-up and become a successful part of the government’s Northern Powerhouse vision.
NPIF provides funding to appointed Fund Managers who offer three different funding options designed to plug gaps in the provision of commercially available finance, ranging from £25,000 Loans to £2million Equity Investments.
NPIF’s appointed Fund Managers are open to applications from a wide range of sectors from early stage innovative businesses through to manufacturing and creative and digital industries. If you can demonstrate growth potential, your business may be eligible. **See below for exceptions
*NPIF investment area is the North West, Yorkshire & the Humber and Tees Valley
** Eligibility criteria apply and Fund Managers will be able to advise on suitability.
FUNDING OPTIONS MICROFINANCE
• Small business loans
• £25,000- £100,000
• For new or growing businesses to support growth capital needs
• Business loans
• £100,000 – £750,000
• For early stage or more established businesses that can demonstrate growth potential
• Early stage and later stage equity funding
• £50,000 – £2million
• For start-ups or more established businesses with high growth potential
WHO CAN APPLY To be eligible for funding from an NPIF-support product fund, an SME must have a material part of its operations, staffing or trading based in the NPIF area (or plan to establish such a presence within 2 years.
Eligible businesses may include:
Early stage companies
Fast-growing small businesses
Small businesses looking to relocate in the North of England
Businesses unable to source funding from banks or investors
NPIF’s appointed Fund Managers will be able to provide more detailed guidance on eligibility for funding.
WHY APPLY NPIF’s product funds can provide funding options that can boost your business needs, for example by:
The fund manager will contact you to see if your business qualifies
You make a formal application
The fund manager evaluates your application and makes the investment decision
If you or your client is based in the North East outside of Tees Valley please contact North East Finance or The North East Local Enterprise Partnership for finance options.