MORE than 300 small businesses are accelerating their growth.
A total of £115 million has been invested through the Northern Powerhouse Investment Fund II (NPIF II), driving job creation, innovation, and expansion across the North of England, including the North East.
Operated by the British Business Bank, the fund aims to remove barriers to finance by offering loans from £25,000 to £2 million and equity investments of up to £5 million.
Sarah Newbould, senior investment manager at the British Business Bank, said: "The North East is home to some truly exceptional businesses, so it’s important that they have access to the funding and support they need to scale and grow.
"With NPIF II building on the success of the first NPIF, and now covering the entirety of the North East, we’re ensuring that businesses of all shapes and sizes have access to a funding ecosystem that understands their unique characteristics.
"A year and a half on from its launch, the impact of NPIF II is already clear across both our region, and the wider North of England.
"It’s this targeted regional approach that is setting businesses up for success and reaffirms our commitment to unlocking growth across every corner of the country."
Since its launch, NPIF II has completed more than 315 deals, helping businesses start up, scale up, and remain competitive.
The fund has supported a wide array of sectors, including advanced manufacturing, digital and technology, and the creative industries.
The investment has attracted an additional £68 million in private sector co-investment, bringing the total capital delivered to more than £180 million.
One of the businesses to benefit from the funding is Magnitude Biosciences.
The County Durham-based specialist contract research organisation received £700,000 in a funding round led by NPIF II – Maven Equity Finance to scale up its drug discovery platform.
In Stockton-on-Tees, Southern Asset Management secured a six-figure investment from NPIF II – NEL Debt Finance.
The structural testing and asset management firm is using the funding to expand into wind turbine and rail sectors.
LBM Group, an electrical contracting firm specialising in solar PV, battery storage, and EV charging, secured a five-figure investment from NPIF II – NEL Smaller Loans.
Based in Blyth, the company is using the funds to hire a full-time engineer and support its growing portfolio of contracts.
Adam Kelly, co-managing director of Funds at the British Business Bank, said: "With over £180m directly invested so far, over 300 businesses will be feeling the direct benefits of what access to finance can help achieve."
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