£660 Million Northern Powerhouse Investment Fund II Jacksons Accountants

£660 Million Northern Powerhouse Investment Fund II

Great news for businesses in the North of England! A substantial investment fund, amounting to a whopping £660 million, is on the horizon to bolster the growth and development of small and medium-sized enterprises across the region. The eagerly anticipated Northern Powerhouse Investment Fund II (NPIF II) is making significant strides toward its anticipated launch in early 2024. This initiative stems from the British Business Bank’s mission to empower businesses with the necessary financial resources to thrive, ultimately promoting job creation and economic vitality.

NPIF II’s scope of operation spans across vital areas such as Greater Manchester, Liverpool City Region, Yorkshire & The Humber, and beyond. With a commitment to providing essential financial support, NPIF II builds upon the success of its predecessor, which has already injected more than £1 billion into Northern businesses. This predecessor played a pivotal role in creating job opportunities and economic progress, and NPIF II seeks to continue this trend by nurturing sustainable growth and prosperity throughout the region.

Ken Cooper, Managing Director of Venture Solutions at the British Business Bank, highlighted the profound impact of the fund’s support on businesses that might otherwise struggle to secure crucial financial assistance. NPIF II aims to provide a diverse range of funding options, including smaller loans, substantial debt facilities, and equity investments. Currently, the British Business Bank is actively seeking potential fund managers to contribute their strategies for managing this fund. The bank anticipates finalising these arrangements and launching NPIF II in early 2024, effectively providing businesses with the tools they need to thrive, innovate, and contribute to the economic resurgence of the North.

Further reading: British Business Bank