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£400m Northern Powerhouse Investment Fund opens for business in LiverpoolNorthern Powerhouse Investment Fund
Business leaders from across Liverpool have welcomed the £400m Northern Powerhouse Investment Fund (NPIF) as a new source of regional economic development funding to boost the local economy.
NPIF has been set up by the British Business Bank in conjunction with the Liverpool City Region Local Enterprise Partnership (LEP) and nine other LEPs across the North West, Yorkshire, Humber and Tees Valley. Financed by the European Regional Development Fund (ERDF), the European Investment Bank (EIB) and the UK Government, NPIF aims to provide small and medium businesses with increased flexibility in the types of funding available. The Fund was officially launched on 22nd February at an event in Manchester by Andrew Percy, Northern Powerhouse Minster and Member of Parliament for Brigg and Goole.
NPIF provides funding to fund managers who offer Microfinance (£25,000 – £100,000), Business Loans (£100,000 – £750,000) and Equity Finance (up to £2m) to boost investment levels in the North of England. It will work alongside the LEPs and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mix of debt and equity capital to SMEs at all stages in their development.www.npif.co.uk