Powerhouse Investment Fund passes £2m milestone helping 50 businesses

Bradford-headquartered Business Enterprise Fund and Doncaster’s Finance For Enterprise were named fund managers in February for the Microfinance element of the Northern Powerhouse Investment Fund (NPIF) and have since provided over 50 investments to growing SME businesses in the NPIF region.

The figures are announced following a report revealing Yorkshire to be one of the lead growth areas of business activity in the UK. Stephen Waud, chief executive of the BEF group, said: “Investing over £2m through NPIF – BEF & FFE Microfinance demonstrates the vibrant SME market in Yorkshire, Humber, and the Tees Valley, but that’s not all because we have committed to match the investments through our own funds, so that equates to over £4m invested in that period.

“There is no sign of slowing down, with SMEs accounting for 99.3% of UK private sector businesses. “The autumn budget has pledged £1.7bn into the Northern Powerhouse, combined with the government’s commitment to the British Business Bank and we continue to be in a strong position to support entrepreneurs and businesses.” Following the November budget announcement, Mark Wilcockson, senior relationship manager for NPIF, said: “Amongst a package of measures announced to help businesses in the UK, Chancellor Philip Hammond announced expanding the role of the British Business Bank by making an additional £2.5bn of resources available to the bank to develop UK Patient Capital and extend our Enterprise Finance Guarantee programme. “This along with the Northern Powerhouse Investment Fund is all good news for businesses in the UK.”