In a strong show of support for small and medium-sized enterprises (SMEs), the Northern Powerhouse Investment Fund II (NPIF II) has invested more than £80 million into over 200 businesses across the North of England within its first year of operation.
Launched in 2023 and managed by the British Business Bank, NPIF II is a £660 million fund designed to improve access to finance for smaller businesses that often struggle to secure traditional investment.
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The fund offers loans ranging from £25,000 to £2 million and equity finance up to £5 million, helping businesses to start up, scale up, and remain competitive.
Building on the success of the original Northern Powerhouse Investment Fund launched in 2016, NPIF II has expanded its reach to cover the entire North of England, including full coverage of the North East.
Since its launch, the fund has supported a wide range of growth-focused companies. Newcastle-based fintech firm Kani Payments secured a multi-million-pound investment from NPIF II – Maven Equity Finance, in partnership with Maven VCTs.
Similarly, The Padel Club received £1.5 million from NPIF II – Praetura Equity Finance, enabling the launch of a new 11-court facility at TraffordCity, further advancing the club's regional expansion.
"Our focus has always been towards helping smaller businesses achieve their ambitions by gaining transformational access to finance," said Adam Kelly, Managing Director and Co-Head of Funds at the British Business Bank.
"From padel courts to independent vets, the Northern Powerhouse Investment Fund II has done exactly that by empowering local business leaders and entrepreneurs to grow their organisations. In its first year, over £80 million invested into the Northern economy is a fantastic feat."
Kelly also noted that NPIF II is actively supporting companies at the forefront of innovation, sustainability, and inclusive enterprise, including businesses led by underrepresented founders.
With several years of operation still ahead, the fund is expected to play an increasingly pivotal role in driving business development, job creation, and economic resilience across the North.
