Evaluation of the Nations and Regions Investment Funds: Early Assessment

The British Business Bank commissioned SQW to undertake an independent early assessment of the Nations and Regions Investment Funds (NRIF) programme. The early assessment covers the six NRIF funds established in 2023/24 and relates to activity until the end of September 2025.

The six NRIF funds are the Northern Powerhouse Investment Fund II, the Midlands Engine Investment Fund II, the Investment Fund for Wales, the Investment Fund for Northern Ireland, the Investment Fund for Scotland, and the South West Investment Fund.

The early assessment sought evidence on NRIF’s processes and emerging outcomes. It primarily draws on analysis of monitoring data, interviews and surveys of both stakeholders and beneficiary smaller businesses. 

The key findings are that:

• The design of the programme is fit for purpose; overall deployment was on target by the end of September 2025 and feedback on delivery is broadly positive.
• NRIF is reaching a wide range of firms, including those new to external finance, and this is reflected in high levels of finance additionality. 81% of businesses surveyed reported that their finance was either wholly or partially additional.
• NRIF is successfully 'crowding in' private investment, one of the core objectives of the programme. By September 2025, NRIF had leveraged £233m of private sector investment, with £0.79 of private finance secured for every £1 invested through the programme.
• NRIF has enabled firms to improve their productive capacity, efficiency and employee skills. It has also unlocked innovation among beneficiary firms and is showing early signs of contributing to improvements in local finance ecosystems.