The Northern Powerhouse Investment Fund (NPIF) aims to provide smaller businesses with increased flexibility in accessing different types of funding and produce greater levels of investment across the Northern Powerhouse region.
More than £400 million has been set aside to distribute through:
- Microfinance: provision of small business loans (from £25,000 – £100,000)
- Debt: provision of business loans (from £100,000 – £750,000)
- Early-stage and later-stage equity: provision of equity funding (from £50,000 – £2 million)
Microfinance can be used to fill the funding gap for growth and development projects and is available for a range of purposes like working capital, funding expansion projects, leasing commercial premises and asset acquisitions.
Debt finance is available for hiring staff, purchasing machinery, moving premises or as working capital to finance a big order.
Equity finance is aimed at businesses that are looking to grow at a rate that can’t be supported through borrowing.
Find out about NPIF Cumbria success stories here
Start or grow your own business with the help of a government-backed Start Up Loan and free business support – more information here
Small and medium-sized enterprises (SMEs) with growth potential that are setting up or operating in areas covered by the Northern Powerhouse are eligible to apply.
The participating LEPs are: Liverpool City Region, Lancashire, Greater Manchester, Cumbria, Cheshire and Warrington, York, North Yorkshire and East Riding, Sheffield City Region, Tees Valley Unlimited, Leeds City Region and Yorkshire and the Humber.