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Back to Northern Powerhouse Investment Fund News – Issue 1

Foreword

It has been a privilege to be part of the team at the British Business Bank working in partnership with the 10 Local Enterprise Partnerships in the region, the European Regional Development Fund, the European Investment Bank and HM Government, who all pulled their weight when creating this revolutionary fund that will make a real difference to the Northern economy.

We have faced some tough challenges throughout, such as the UK’s decision to leave the European Union in June 2016, but I am delighted to see that the Northern Powerhouse Investment Fund is up and running and the fund managers are on the ground seeking out ambitious businesses with huge growth potential.

I’d like to thank all of the project team at the British Business Bank who have kept their nerve throughout this challenging process, and helped deliver what will prove to be a hugely impactful fund. I would also like to express my gratitude to the NPIF Strategic Oversight Board, as well as those involved from across HM Government, as they played a major role in developing an agreed investment strategy.

Already, we are seeing NPIF’s Fund Managers investing hundreds of thousands of pounds in the NPIF LEP areas supporting economic development.  Having completed a number of investments in under three months, we will continue to work at pace to ensure that this money is invested quickly and efficiently to high growth businesses across the North. It is our priority, working with the NPIF Fund Managers to improve the funding options available to smaller businesses in the Northern Powerhouse region.

Grant Peggie
Director at British Business Bank

Editors Notes