Small firms gain access to £400m Northern Powerhouse Investment Fund

Small businesses in the North of England could soon receive loans of up to £750,000, as the government-backed British Business Bank (BBB) announces the launch of the Northern Powerhouse Investment Fund.

Financed by the BBB and the European Investment Bank, the £400m fund is set to provide investment for new startups as well as growing companies looking for additional finance to scale up.

The Northern Powerhouse Investment Fund will be split into three strands of finance for small firms with differing levels of funding available.

• Microfinance (£25,000 – £100,000)
• Business loans (£100,000 – £750,000)
• Equity finance (up to £2m)

Finance will be allocated through regional growth hubs, banks and ten Local Enterprise Partnerships (LEPs).