Details were recently announced of the £400m Northern Powerhouse Investment Fund. The fund aims to provide capital to support the growth of SMEs across the North of England, at all stages of their development.
The funding will be a mix of debt and equity capital available as:
Microfinance (£25,000 – £100,000),
Business Loans (£100,000 – £750,000)
Equity Finance (up to £2m).
Funds will be made available through a number of fund managers, although details of the exact criteria and terms are not yet clear. It will work with 10 Local Enterprise Partnerships, combined authorities and Growth Hubs.
The fund combines capital allocated to the 10 LEPs in the North West, Yorkshire and Humber and the Tees Valley by the European Regional Development Fund (ERDF), a loan from the European Investment Bank (EIB), funding from the Department for Business, Energy and Industrial Strategy (BEIS) and an additional loan from British Business Finance Limited.
We will be watching developments closely. As soon as we have details on how to apply for funds we will publish an update through our blog and social media accounts at www.langricks.com/resources.