What is the Northern Powerhouse Investment Fund?

6th June 2017 News CHW Accounting

More than £240K has been invested into SMEs from across the North to assist with growth plans. The £400 million investment fund aims to assist the region’s one million private sector businesses with their growth plans. Our Accountants in Bolton can help you claim the funding you need.

The NPIF is a £400 million investment fund, and will be allocated to businesses to assist with growth plans. It’s aimed to boost the long term growth of the region, by helping SMEs that are looking at:

• Funding expansion projects
• Leasing new commercial premises
• Asset acquisitions
• Hiring a new team
• Purchasing new machinery/ equipment
• Launching a new product/ service
• Filling gaps in working capital

There are three forms of funding:

1. Microfinance – £25K – £100K.
2. Business loans – £100K – £750K
3. Equity finance – £50K – £2M

The funding has been made available following research by the Government which discovered a “massive untapped economic potential” within the North.

Many businesses are eligible, from new start-ups, to established SMEs, or businesses looking to relocate to the North of England.

This fund is a clear sign that Government is investing in the North. Making this investment fund open gives businesses the real opportunity to implement their growth plans.

Having previously helped businesses on a spectrum of sizes with funding, it’s apparent there has been a need for a fund that allows smaller businesses to compete.

For more information on funding contact our Accountants in Bolton via our enquiry form or call 01204 534 031. If you’re looking for general business advice, please take at look at our page here.

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