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Back to Northern Powerhouse Investment Fund News – Issue 8

LEP Perspective – Cumbria

What challenges are SMEs faced with in your region? What is the LEP doing to ensure smaller businesses can overcome these hurdles?

Cumbria has a complex and unique geography that covers 6,800 sq kms and presents numerous strengths and challenges. SME’s are sometimes faced with recruitment difficulties, skill shortages and transportation issues, as well as a lack of engagement in the export market.

Cumbria has low levels of business start-up, limited understanding of the range of valuable support available including sources of finance, and often difficulty recognising that they are a growth business.

The Cumbria LEP’s ambition is to help SME’s realise and fulfil their potential. The LEP facilitates a Business Support Group consisting of the main delivery partners, funds a Business Growth Hub service which delivers support to all businesses and there is a range of business start-up programmes delivered through the Growth Hub, as well as financial opportunities including NPIF.

Cumbria LEP regularly engages with the Universities, Further Education Colleges and Training Providers who deliver skills to businesses and this is supported by our nine employer-led Sector Panels and People, Employment and Skills Strategy Groups. An Internationalisation Strategy is currently being prepared to assist export promotion.

What role does the LEP play in helping to support NPIF activity and helping to ensure the success of the fund?

Cumbria’s Steve Curl has a seat on NPIF’s Strategic Oversight Board, meaning that our LEP is properly represented and has a voice in the governance and decision making within the Fund.

So far, we have worked with MHCLG to make available £2m from its ERDF allocation to support NPIF investments across Cumbria .  ensuring Cumbrian SMEs have access to appropriate finance options to enable them to increase innovation, productivity and create new jobs.

How do you see the collaboration working with the Growth Hubs, LEPs, fund managers and intermediaries?

Across Cumbria, organisations involved in the business support sector are working collaboratively to ensure that SMEs have access to the correct information, advice and guidance.

Key partners including the Cumbria Chamber of Commerce, Universities, Accountants, Banks and specialist business finance firms such as Enterprise Answers are fully up to speed with the support available. This is not just through NPIF, but also more widely through the British Business Bank and other key business support initiatives, where we are able to make referrals to the most appropriate solution for individual business needs.

What impact is NPIF having and why is it a good thing for businesses in the region?

NPIF offers an important finance option for SMEs throughout the North of England, stepping in to provide funding solutions where businesses may otherwise struggle to gain all the support they need through more mainstream options. We are delighted with the initial investments made through NPIF and look forward to seeing further take-up from businesses in our area.

Jo Lappin, Chief Executive, Cumbria LEP 

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Editors Notes