Some great news for the North funding market this month with the launch of the Northern Powerhouse Investment Fund II.
This is a fund of £660m covering the entire North of England including the North West, Yorkshire and the Humber and the whole of the North East.
Its’s purpose is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North.
It aims to increase the supply and diversity of finance for Northern businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
It builds on the success of the first Northern Powerhouse Fund and is the sixth of the British Business Bank’s Nations and Regions Investment Funds to be launched.
Finance will be available from £25k to £5m that will provide finance for start-up, scale up or for businesses to continue on their growth journey.
Kevin Hollinrake, Minister of State for Enterprise, Markets and Small Business said
“This new fund will unlock millions in equity and loans for SMEs across the North to realise their full potential and builds upon British Business Bank’s vital work ensuring that any small business owner in the UK can scale up and grow. SMEs are the engines of growth for our economy and across government we are improving access to finance, cutting red tape and removing barriers to ensure that they can go further and faster than ever before.”
Nine fund managers have been appointed to manage the different funds with each fund having its own size of deal, parameters and specific type of funding available and covering the different parts of the overall North region.
The finance available is broken down into:
Smaller Loans £25k – £100k
Debt Finance £100k – £2m
Equity Finance Up to £5m
This funding can be applied for now, and if you would like to know more about the debt and equity packages on offer and whether you might qualify, please contact us at Snowball and we will help you.