NPIF II boosts Northern economy with £50m worth of investment since launch
The Northern Powerhouse Investment Fund II (NPIF II) has made over 130 investments totalling £50m into businesses in the North of England, following its launch in March 2024. The milestone highlights the British Business Bank’s commitment to supporting smaller businesses across the North to secure crucial funding for growth.
The £660m Northern Powerhouse Investment Fund II covers the entire North of England, providing loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.
A North West business to have successfully secured NPIF II funding is Cumbria-based Scrubmarine – a business that combats biofouling in the maritime industry.
Scrubmarine, which was the first business in Cumbria to secure investment from NPIF II, received £200,000 from NPIF II – Praetura Equity Finance to improve its hardware development by proving the efficacy of its cavitation system.
In Cheshire, NPIF II also backed Olsen Actuators & Drivers to support its significant growth and recruitment following new blue-chip contracts wins. The company, which creates high performance advanced electro-mechanical systems and is a market leader in actuator technology, secured £700,000 from NPIF II – FW Capital Debt Finance, to create six new jobs.
The Northern Powerhouse Investment Fund II aims to build on the success of the first fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North.
Ken Cooper, managing director at the British Business Bank, said: “From underwater marine tech to first-in-class electro-mechanical manufacturers, NPIF II is already having an impact across all parts of the North of England. Our region is home to some truly innovative businesses, and we want to ensure that every ambitious entrepreneur has the right support and finance to help their business to thrive. The North West has emerged as one of the fastest growing regions in England, and we’re excited to keep supporting the ideas and innovations coming out of the area.
“The finance from NPIF II, and the work of our fund managers, is already boosting regional economies and creating opportunities for local entrepreneurs. We have supported some great businesses so far, and we look forward to seeing the continued impact of NPIF II as it approaches its first year in operation.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.