9th August 2021
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Grant Peggie, director at British Business Bank talks how investments and funding boosts are set to play a “crucial role” in enabling the North to truly level up on the back of the pandemic.
In this article Grant spoke to Insider about the “impressive tenacity and adaptability” shown by the business community during the period of disruption.
“While it’s undoubtedly been an incredibly difficult year for organisations across all sectors, we’ve seen many of our portfolio businesses step back, reassess their operations and take concrete steps to adapt to a changing market landscape,” he said.
“Whether it’s through launching new products or services, undergoing digital transformation, or focusing on new markets, businesses have proved time and time again that they are flexible and agile.
He noted that funding from the Northern Powerhouse Investment Fund has “been a lifeline for many businesses during the pandemic, giving them an opportunity to survive, adapt and grow”.
“NPIF has been able to access government-backed support schemes, such as the Coronavirus Business Interruption Loan Scheme (CBILs) and the Future Fund, which have helped many organisations, whether they needed investment to grow or develop new products and services, or simply survive.
“Going forward, these kinds of investments will play a crucial role in enabling the North to truly level up. The last year has shown the impact that funding can have. Now, we must ensure that there is improved access to funding across the North and across all industries, for business owners from all walks of life.”
Peggie believes that as the business landscape shifts in light of easing restrictions and changing government business support programmes, he expects that companies will continue to adapt, with NPIF continuing to provide investment and support.
“For many organisations, now is a perfect chance to reassess priorities and vision,” he added. “We’ve already seen many of the businesses we work with reassessing how they can reach new markets, adapt their offering for an increasingly digital world, and establish more sustainable and diverse operating models – and often, funding is a key route to achieving this.
“The journey to net zero is also an increasingly significant opportunity for businesses.
“The Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund have already facilitated more than £50m of investment into businesses aiming to tackle the climate crisis. With their ability to adapt and innovate, businesses have a big opportunity to drive real change, and we expect continued high demand for funding among low-carbon businesses.”
The Northern Powerhouse Investment Fund recently reached a £100m Covid lending milestone, having backed more than 270 businesses across nearly 400 transactions since the beginning of April 2020.
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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