The British Business Bank has announced its Northern Powerhouse Investment Fund II.
In brief:
- Loans from £25k to £2m,debt finance from £100k to £2m, and equity investment up to £5m will be available to companies across the North West, Yorkshire and the Humber, Tees Valley, and the North East.
- The fund aims to build on the previous fund launched in 2017, which has provided over £1bn of direct and private sector co-investment, according to the British Business Bank.
- The purpose of these funds is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the North of England.
What does this mean?
Louis Taylor, chief executive of the British Business Bank, said: “The success of the first Northern Powerhouse Investment Fund has proven the instrumental change that access to finance can have for small businesses. From creating hundreds of jobs to developing ground-breaking products, we have seen companies that previously lacked funding options accelerate forward in their growth journeys, which has ultimately benefitted the whole of the Northern economy."
