The Northern Powerhouse Investment Fund (NPIF) was set-up specifically to plug gaps in the provision of commercially available finance and offers eligible businesses tiered loans to support the growth of the business and can be used, for example, to provide the working capital needed to scale-up its operations.
The Growth Hub recognises the wider benefits that funding initiatives such as NPIF have in supporting the development and growth of Cumbrian businesses and plays an active role promoting the scheme through the Growth Hub portal, social media and through its network of advisers. Maria Ramsdale, an investment executive at FW Capital – one of NPIF’s approved fund managers – also takes advantage of the Growth Hub’s podcast channel to highlight what the scheme offers and how it works.
“Podcasts are a really useful way to explain how the scheme could benefit businesses with growth aspirations and what the funding can be used for. It also allows me to explain how the scheme is structured and what kind of information we need to progress applications. The more businesses understand what is involved, the easier it will be for us to make an investment decision.”
Maria regularly participates in Growth Hub adviser meetings to help build relationships and will discuss with advisers individually referrals that may qualify for funding support. NPIF also conducts workshop sessions with advisers to brief them on the specific business plan requirements of the scheme.
By working closely with the Growth Hub, NPIF has a much broader profile and a wide range of Cumbrian businesses are now benefiting from the scheme.
“When a business is referred, I’ll work with them to find out what their aspirations are and what they want the funding for. This involves visiting the business to get an idea of their plans and financial position to enable me to assess if they would qualify for an NPIF funding package.
In cases where a business may not have a clear marketing or business strategy or is unsure about our funding criteria, we can refer them to the Growth Hub to provide advice and guidance in areas such as sales and marketing or business and financial planning.”
Where appropriate, the Growth Hub will appoint an adviser to help a business prepare a business case for NPIF funding and support them through the application process.
By working closely with the Growth Hub, uptake of the scheme has gathered momentum with more and more businesses attracted by what the NPIF scheme can offer.
“Without doubt, the Growth Hub has given NPIF a much broader profile” says Maria, “and I’m pleased to say we’re receiving enquiries from a wide range of sectors from early stage innovative businesses to manufacturing, engineering and digital enterprises. If a business can demonstrate real growth potential and provide a solid business case, they may be eligible for l NPIF support.”
Get in Touch
To find out more contact Cumbria Growth Hub at: Email: email@example.com Tel: 0844 257 8450