Cumbria is open for business- Over £50m of funding to start up, scale up or stay ahead!

The government’s ‘Northern Powerhouse’ strategy could bring an end to the notorious North/South divide! The North of England has a long and proud history of driving global innovation and economic progress and, at close to one fifth of UK GDP, is larger than the economies of Denmark, Austria and Belgium. The ‘Northern Powerhouse’ vision aims to ensure the North is as an excellent place to start and grow a business as well as being recognised worldwide as an excellent opportunity for trade and investment on par with London and the South East.

The Northern Powerhouse Investment Fund (NPIF) is the collaboration of £400m of funds from the British Business Bank, UK Government, the European Investment Bank and the European Regional Development Fund (including nominal allocations from 10 of the 11 Local Enterprise Partnerships (LEPs) in the North of England), of which over £50m of debt finance has been allocated to cover Cumbria and Tees Valley.

The fund will work closely with Cumbria LEP and their aim will be to nurture regional entrepreneurship by providing investment and support for small and medium businesses where they have been unable to source all of the required funding from banks or investors. The funding will support new and growing businesses, create jobs and encourage and attract additional private sector investment.

NPIF has appointed Fund Managers who are responsible for evaluating applications and allocating funds to businesses. There will be 3 types of commercial finance on offer to a wide range of sectors for those businesses who can demonstrate their growth potential:

  • Microfinance  -  Small business loans from £25k to £100k available for a wide range of purposes including filling gaps in working capital, funding expansion projects, leasing commercial premises and asset acquisitions
  • Debt finance -    Business loans from £100k - £750k which might be for things like hiring staff, purchasing machinery, moving premises or even as working capital to finance a big order.
  • Equity finance -  Early stage or late stage equity funding from £50k - £2m. This could be relevant if you are looking to grow at a rate that cannot be supported through borrowing, which will tend to be linked to the ability to service debt from existing cash flows.

All of these funding options are designed to work alongside traditional lenders, to plug common gaps in the provision of finance, giving your business access to all of the funding it needs to help it grow.

If you think your business could be eligible, get in touch with our Corporate Finance team. We can assist you with contacting the Fund Managers to see if your business qualifies as well as supporting you throughout the process including the preparation of a business plan and projections through to making a formal application.

Contact us for more information and find out if your business qualifies for funding.

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