The £400m Northern Powerhouse Investment Fund (NPIF) has announced the first investments following its launch in February, with more than £240,000 going to four SMEs across the North.
NPIF – BEF & FFE Microfinance, provided £40,000 to Leeds-based fire protection company Vulcan Passive Fire Systems. The company produces a range of fire protection products and systems. The money is part of a package which has allowed Vulcan Passive Fire Systems to employ four staff, with vehicles and accompanying equipment.
Northern Powerhouse Minister Andrew Percy said: “Our efforts to build the Northern Powerhouse are delivering real results for local people. More than one million businesses are already involved and foreign direct investments are up by a quarter.
“This dedicated £400m fund will help us go even further. As part of our Plan for Britain to create a stronger economy, it will help smaller businesses across the region.
“These first investments show how this fund is already making a great impact. It’s delivering the resources local businesses need to reach their potential.”
Roger Marsh OBE, Chair of Leeds City Region Enterprise Partnership (LEP), and Chair the NPIF oversight board said:
“I’m delighted Leeds-based Vulcan Passive Fire Systems will now be growing their business with NPIF finance. The LEP business growth service is working closely with NPIF to ensure SME owners are getting the right product for their business. If you want to grow your business please get in touch with our team to find out what support is available.”
Keith Morgan, CEO at British Business Bank, said: “While there is work ahead to fully unlock the potential of businesses across the Northern Powerhouse region, the announcement of these first investments shows significant momentum and is cause for great optimism. We are confident that we can build on this strong start to provide funding across the range of geographies and sectors, making a real difference to the Northern Powerhouse region.”
For more information about Northern Powerhouse Investment Fund, please click here. If you would like to have an informal conversation about current business support, please phone our business growth service team on 0113 348 1818 or email businessgrowth@the-LEP.com.