Posted on 2nd March 2017
Category: News
The £400m Northern Powerhouse Investment Fund launch took place at the Ferens Art Gallery in Hull on Wednesday 1st March.
Almost 200 Humber business people attended the event which was to launch the governments British Business Banks Northern Powerhouse Investment Fund (NPIF).
Ten Local Enterprise Partnerships (LEPs) based in the Northern Powerhouse region have collaborated with the British Business Bank to provide a £400m loan fund for businesses across the region. The fund is a combination of UK government funding, European Regional Development Fund and European Investment Bank Funding to help businesses scale-up and become a successful part of the government’s Northern Powerhouse.
The NPIF fund consists of three funding options:
Microfinance
- Small business loans
- £25,000 – £100,00
- For new or growing businesses to support working capital needs.
Debt Finance
- Business loans
- £100,000 – £750,000
- For early stage or more established businesses that can demonstrate growth potential
Equity Finance
- Early stage and later stage equity funding
- £50,000 – £2 million
- For established businesses with ambitious plans or large scale start-ups with high growth potential
These schemes will be managed by a number of fund managers who have been selected by the British Business Bank to deliver the scheme in the Humber region.
If you are interested in finding out more information or would like to apply for one of the loans, then please visit www.npif.co.uk