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Summary sheet
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The Northern Powerhouse Investment Fund is a collaboration between the British Business Bank and ten local enterprise partnerships in North West England, Yorkshire and the Humber and the Tees Valley. It consists of a GBP 432m fund-of-funds that aims to support a wide range of firms at different points in their development, from early-stage businesses seeking equity funding and microfinance to high-potential firms wanting to take advantage of growth opportunities. Under the terms of the UK SME Financial Instruments Programme approved by the EIB in 2015, the EIB would contribute for GBP 183.6m to the fund that also mobilises European Structural Investment Funds (ESIF), as well as other national grants and loans. The Northern Powerhouse Investment Fund will be managed by British Business Financial Services Ltd (BBFSL), an entity fully owned and controlled by the British Business Bank (BBB), a government-owned financial institution set up to support economic growth by making finance markets work better for smaller businesses in the UK.
The Northern Powerhouse Investment Fund will provide over GBP 400m of lending and investment to smaller businesses and thereby boost economic growth and productivity in the north of England. The fund will also attract additional private sector funding and contribute to creating a sustainable ecosystem of high growth companies alongside the support of network of funders and advisors that they need. The north of England contributes significantly to the prosperity of the UK, forming 19% of the UK economy. However, it faces a number of long-term economic challenges, including lower productivity compared to the national average.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
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