Launch of Northern Powerhouse Investment Fund by Isle MP

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.

Wednesday, 8th March 2017, 13:11 pm
Updated Friday, 24th March 2017, 10:20 am
Conservative MP for Brigg and Goole, Andrew Percy

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.”