Isle MP Andrew Percy has officially launched the £400 million Northern Powerhouse Investment Fund, aimed at boosting the North of England’s economy and helping the region’s businesses to grow.
Based in Sheffield, the Northern Powerhouse Investment Fund will work with 10 Local Enterprise Partnerships; including the Humber LEP, combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mixture of debt and equity capital to northern-based SMEs at all stages of their development.
NPIF will provide funding to fund managers who will offer Microfinance (£25,000 – £100,000), Business Loans (£100,000 – £750,000) and Equity Finance (up to £2m).
Mr Percy said: “Our efforts to build the Northern Powerhouse are delivering real results for local people, with over one million businesses involved, foreign direct investment up by a quarter and 187,000 jobs created in the past year alone. This dedicated £400m will help us go even further, supporting smaller businesses across the region to reach their full potential and helping to create an economy that works for everyone.”