Businesses are facing enormous challenges during these unprecedented times, which is why it is more important than ever that we are there to support northern businesses and their workforces during this period of economic downturn.
Small businesses play a vital role in local economies and provide important services to their communities. Whilst the future isn’t clear, the British Business Bank is working hard to support those businesses and give them the best chance to survive the pandemic and build a path to recovery. During this time, NPIF remains open for business and we are committed to helping businesses survive the current economic disruption.
The Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank, is available through accredited lenders. The NPIF Microfinance fund managers, Business Enterprise Fund, Finance For Enterprise, GC Business Finance and MSIF, were already accredited under the former Enterprise Finance Guarantee Scheme, and have been able to deliver loans under CBILS. More recently, Mercia and FW Capital, two providers of debt finance for the Northern Powerhouse Investment Fund, have also been accredited for the scheme, meaning that six NPIF fund managers are now able to provide CBILS loans using NPIF funding.
Other British Business Bank loan guarantee schemes designed to support businesses during the coronavirus outbreak are the Bounce Back Loan Scheme (BBLS), which enables businesses to access smaller loans more quickly, and the Coronavirus Large Business Interruption Loan Scheme (CBILS) for larger businesses with more significant funding requirements.
More recently, the new Future Fund which opened for applications on the 20th May 2020 will support innovative UK companies with good potential, that are essential in ensuring the country retains its world-leading position in science, innovation and technology. The NPIF Equity Fund Managers are already using the Future Fund to provide additional funding for innovative northern companies.
The disruption from the coronavirus outbreak has come at a time that NPIF has reached its three-year anniversary and I am proud to say we have completed over £165m of investment in over 620 businesses and leveraged an additional £172m of private sector investment in this time.
During the current crisis, I have been impressed to see how hard our portfolio companies have been working to maintain business activity and I would like to acknowledge the contribution of these businesses in making a huge difference to their communities and supporting others at this time of need.
Keith Morgan CBE, CEO of the British Business Bank
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…
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