The British Business Bank is set to provide a substantial amount of funding to startups across various regions in England. Loans ranging from £25k to £2m, debt finance from £100k to £2m, and equity investment up to £5m are among the financial options available to companies in the North West, Yorkshire and the Humber, Tees Valley, and the North East.
The new fund aims to continue the successful impact of the previous programme launched in 2017, which has already facilitated over £1bn of direct and private sector co-investment. This initiative intends to bolster sustainable economic growth by fostering innovation and generating local opportunities for emerging and expanding businesses throughout the North of England.
Nine fund managers have been appointed to oversee the investment fund, which is poised to strengthen the business landscape in the designated regions. Louis Taylor, CEO of the British Business Bank, highlighted the profound impact of accessible finance on small businesses, emphasizing the transformative effect it can have on their growth trajectories.
Kevin Hollinrake MP, Minister of State for Enterprise, Markets, and Small Business, expressed support for the new fund, acknowledging its role in unlocking financial resources for SMEs in the North to unlock their potential and drive economic advancement. The focus remains on empowering small businesses as key drivers of economic progress across the UK.
The launch of the Northern Powerhouse Investment Fund II marks a pivotal step towards creating a more interconnected and resilient business environment in the North of England. With increased funding opportunities and broader regional outreach, the second iteration of the fund seeks to catalyze entrepreneurship and business expansion on a larger scale.
By promoting access to finance, reducing bureaucratic hurdles, and dismantling barriers to growth, the British Business Bank endeavors to supercharge the growth trajectory of SMEs and foster a thriving entrepreneurial ecosystem. This commitment aligns with the overarching goal of propelling small businesses towards unprecedented levels of success and sustainability.
