A £660 million investment fund to support the growth of small and medium-sized businesses across the North of England is on course to be launched in late March 2024.
The Northern Powerhouse Investment Fund II is one of a series of new Nations and Regions Investment Funds being launched by the British Business Bank which will deliver a £1.6 billion commitment of new funding to drive sustainable economic growth.
The Northern Powerhouse Investment Fund II will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million. The new fund will cover the entire North of England including Greater Manchester, Liverpool City Region, Lancashire, Yorkshire & the Humber, Cheshire & Warrington, Cumbria, County Durham, Tyne & Wear, and Northumberland.
It aims to tackle an identified funding gap between the North and South of England and increase the supply and diversity of early-stage finance for smaller businesses.