A fund which is open to Tees Valley businesses has had enquiries from more than 530 firms already – just four weeks after it opened.
The £400million Northern Powerhouse Investment Fund is attracting massive interest from small and medium-sized companies (SMEs).
Not only is the volume of business introductions and enquiries immensely encouraging, we are also pleased to see companies in a range of different sectors showing interestKeith Morgan
NPIF wasset up by the British Business Bank in conjunction with ten Local Enterprise Partnerships, including the Tees Valley.
It will work alongside the local Growth Hubs, accountants and the banks, to provide a mix of debt and equity capital to SMEs at all stages in their development.
British Business Bank chief executive, Keith Morgan, said: “The interest we have seen already in NPIF from the business community across the North demonstrates the strong appetite for growth in the region.
“Not only is the volume of business introductions and enquiries immensely encouraging, we are also pleased to see companies in a range of different sectors showing interest.
“Our fund managers are now working hard to put this money to work and make a real impact on the local economy. With the interest generated from the launch and the experience of our fund managers, I am confident that we will make a real difference to businesses across the North.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF).