A recent report has unveiled that, since its launch, the Northern Powerhouse Investment Fund II has invested £115 million into more than 300 small businesses based in the North of England.
The fund has also provided an additional £68 million worth of co-investment in the region’s private sector, taking total funding to over £180 million.
Delivered by its fund managers, the significant investments have fuelled sustainable economic growth by supporting opportunities and innovation for brand-new and growing enterprises in the North.
A diverse variety of businesses have gained from the funding, including technology and digital businesses, manufacturing firms and companies operating in creative industries.
Since its inception, the fund has closed deals with some of the north’s most dynamic directors, aiding enterprises to access the finance they require to unlock expansion opportunities. For instance, Sian How of Moxie Financials has said she was able to gain much-needed funds to grow her team and business critical capital. The Preston-based firm created four new positions to help How focus on client acquisition and business development. Moxie Financials aims to target the UK legal sector and will employ the funding to boost its current marketing strategies.
In Sheffield, bridge engineering expert EKSPAN received £1.4 million in debt funding to support growth. A well-established company, it has helped supply some of the highest-profile projects in the UK.
From products like a tailored engineering business loan to manufacturing business loans, finance can help firms expand and extend the services they offer by supplying working capital, funds for purchasing expensive equipment and inventory and even covering tax bills.
