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Back to Northern Powerhouse Investment Fund News – Issue 14

Foreword

This month, independent research company SQW released an evaluation report on the impact of the Northern Powerhouse Investment Fund  on the region since it launched.

Its findings are highly promising and testament to the hard work of the entire NPIF network – including our Fund Managers, Combined Authorities, LEPs, growth hubs, local authorities and the team here at British Business Bank.

In summary, the evaluation shows that since its first investment back in 2017, NPIF has reached all corners of the North – creating over 6,000 new jobs and boosting productivity, innovation and skills for businesses across a wide range of sectors. In the future, we want to build on this momentum and increase business growth for many more companies across the region.

Right from the beginning of NPIF, the team here at British Business Bank has been committed to promoting diversity in business leadership. The evaluation has highlighted that 71% of NPIF-funded businesses have mixed gender senior management teams. This is a very positive finding, but we don’t want to stop there.

As part of our engagement around International Women’s Day in March, we spoke to leaders from across the North about this year’s theme of #BreaktheBias. Although there has been much positive change in business practices in recent years, biases remain that prevent female leaders from raising the capital they need to start their own business, securing the investment and training they need to grow and reaching the most senior leadership positions within the corporate world.

The British Business Bank’s regional equity funds are signatories to the Investing in Women Code, a commitment by financial services firms to improve female entrepreneurs’ access to tools, resources and finance. As an economic development bank, we understand the role that access to finance plays in building a productive economy. We also need to be aware of the barriers that exist which may prevent entrepreneurs securing the resources they need to start and scale their businesses.  Closing the investment gap for female-led businesses is one tangible way in which we may improve economic growth across the North and around the country.

Catherine Lewis La Torre, CEO, 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.

Editors Notes