Hundreds of Yorkshire firms show interest in NPIF II

More than 500 in Yorkshire and the Humber businesses have expressed interest in accessing the Northern Powerhouse Investment Fund II

More than 1,250 businesses have expressed interest in accessing the £660m Northern Powerhouse Investment Fund II (NPIF II), including more than 500 in Yorkshire and the Humber.

Overseen in Yorkshire and the Humber by Mercia and Business Enterprise Fund (BEF), the fund will operate across Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire and West Yorkshire.

Yorkshire fund manager, Business Enterprise Fund (BEF), will provide businesses with smaller loans from £25,000 to £100,000. Mercia will provide debt finance options from £100,000 to £2m and equity investments up to £5m.

Since its official launch, intermediaries and potential investees recently attended a series of regional Roadshow events across the North. Attendees gathered in Sheffield, the third event of the series, to learn further information about the fund, including how to apply and an explanation of finance options available in the region.

Lizzy Upton, senior investment manager at the British Business Bank, said: "These series of regional roadshows help us keep the momentum going, ensuring that local stakeholders are engaged to help businesses across the region access the Fund. Yorkshire and the Humber is teeming with small businesses looking to access finance to drive the next stage in their growth journey, and we're excited to be playing a significant role in enabling those goals."

Ryan Sylvester, Advanced Wellbeing Accelerator Programme manager at Sheffield Hallam University, said: "It is an exciting time for the startup support ecosystem in the North with the launch of NPIF II providing increased flexibility in funding options for early-stage companies seeking to build product and grow revenue. 

"The Advanced Wellbeing Research Centre is looking forward to working with NPIF II and the wider investment community to support startups and spinouts with the funding and R&D support they need. "

Glenn Fletcher, CEO at Tribosonics, added: "Funding from the first Northern Powerhouse Investment Fund came at a pivotal time for our business on our growth journey, and we returned to the Fund to raise a further round of investment to assist in building our team, further developing our products and IP platform, enhancing our facilities and increasing our capacity. 

"If you're a business leader looking to grow, I'd recommend contacting the fund managers, as they are clearly dedicated to helping the region thrive."

Northern Powerhouse II investment fund

Since the launch of the first Northern Powerhouse Investment Fund in 2017, has delivered over £445m of direct and private co-sector investment into 552 businesses, helping to create nearly 4,300 jobs across the Yorkshire and Humber region.

Northern Powerhouse Investment Fund II will also drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North.

It will increase the supply and diversity of early-stage finance for smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

The fund will continue investing into companies operating within the North West, Yorkshire and the Humber and Tees Valley. It is now expanded to include the whole of the North East, enabling businesses across the whole of the North to access the fund to start up, scale up or continue on their growth journey.

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