L-R: Jonathan Sherlock (Engage Hub), Dave Furlong (Maven), Keith Morgan (British Business Bank), Andy Burnham (Mayor for Greater Manchester), Ray Sherlock (Engage Hub), Tom Morgan (Maven)
The Northern Powerhouse Investment Fund (NPIF) is celebrating major milestone with more than £10m invested across the Northern Powerhouse area.
Since its launch in February this year, the NPIF has supported entrepreneurship to create economic prosperity in the North of England. It has now provided funding and support to more than 90 businesses.
The business community in the North West has reacted positively to NPIF with corporate finance advisors, the Growth Hubs, banks, and accountants all referring clients to the funds. This is already making a real difference to small and medium businesses looking for funding options for the next step on their growth journey.
One of the latest investments to edge the Northern Powerhouse Investment Fund towards this milestone was a £100,000 investment by NPIF – Maven Equity Finance, a product fund managed by Maven into Manchester-based social media marketing agency, Engage Hub.
The company will be using the investment to expand their current team of specialists and provide additional working capital to meet their rapidly growing customer base which already includes, Living Ventures, the Chop Houses and Q-Hotels.
Jake Berry, Northern Powerhouse Minister, said: “It’s fantastic to see that so soon after we launched the Northern Powerhouse Investment Fund it’s already provided £10m to support Northern businesses. The Fund is a great example of what can be achieved when the Government and businesses work together and is all part of our plan to boost the northern economy, creating more jobs and attracting investment in the region.”
Andy Burnham, Mayor of Greater Manchester, said: “The Northern Powerhouse Investment Fund is supporting local entrepreneurs and business owners to grow their companies here in Greater Manchester and across the North. As we look to rebalance our country’s economy, this fund’s approach can show the benefits that investment in the North has locally and across the UK. The showcase of innovative businesses at Venturefest Manchester last week, shows the breadth of potential in the region.”
“Passing this £10m funding milestone in such a short space of time since launch is a fantastic achievement for the fund, our fund managers, and our partners in the 10 participating Local Enterprise Partnerships.”
The Northern Powerhouse Investment Fund provides microfinance, debt and equity investments, ranging from £25,000 to £2m to help a range of small and medium sized businesses to start up, scale up or stay ahead. The Northern Powerhouse Investment Fund is delivered by The 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.