In a significant move to foster innovation and economic growth in the North of England, the British Business Bank has announced the launch of a new £660 million fund dedicated to supporting small and medium-sized enterprises (SMEs) in the region. This is viewed by many as a crucial step towards levelling the playing field and providing vital resources for startups and businesses outside of London and the South East.
This is the second phase of the original Northern Powerhouse Investment Fund, which is said to have facilitated over £1bn in direct and private sector co-investment since its inception in 2017.
The North of England has long been recognised for its potential as a hub of innovation and entrepreneurship, however, access to finance has often been cited as a barrier for SMEs looking to scale and thrive in the region. The launch of this substantial fund represents a concerted effort to address this challenge and unlock the potential of Northern businesses.
The £660 million fund will be instrumental in addressing the funding gap that many Northern startups face. Whether it’s securing early-stage investment, funding research and development projects, or accessing working capital to fuel growth, this injection of capital has the potential to make a huge difference.
One of the key features of the fund is its focus on diversity and inclusivity. Recognising that innovation thrives in diverse environments, the British Business Bank is committed to ensuring that funding opportunities are accessible to businesses from all backgrounds and communities.
The fund will also prioritise sectors with high growth potential, such as technology, life sciences, advanced manufacturing, and clean energy. By targeting these industries, the British Business Bank aims to support businesses that have the potential to become global leaders, driving regional and UK wide prosperity.
The launch of this £660 million fund represents a significant milestone in the British Business Bank’s mission to support SMEs across the North of England. As Northern businesses seize the opportunities from this funding, they will not only drive local growth but also contribute to the UK’s position as a global leader in innovation and entrepreneurship.
For further information or advice on accessing funding for your business, get in touch by emailing enquiries@pmm.co.uk or calling 01254 679131.
