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Applications open for Northern Powerhouse Investment Fund

posted 4 Jul 2017, 07:51 by RiDO Rotherham   [ updated 4 Jul 2017, 07:52 ]

Yorkshire businesses seeking funding for growth can now benefit from business loans and equity finance from the new Northern Powerhouse Investment Fund. 

The £57.5m fund – Enterprise Ventures Equity Finance - will provide investment of up to £2m for SMEs in Yorkshire and Humber, while the £51m Enterprise Ventures Debt Finance, offers loans from £100,000 to £750,000. 

Both funds are managed Enterprise Ventures, part of Mercia Technologies PLC, which has a team of over 20 investment professionals based in offices in Sheffield and Leeds. It believes the funding will help companies to attract a further £220m or more in private sector investment and generate around 1,800 jobs. 

The fund brings together funding from the UK Government, European Regional Development Fund, British Business Bank and European Investment Bank. 

Paul Taberner of Enterprise Ventures said: “The Northern Powerhouse Investment Fund aims to improve access to finance and help ambitious Yorkshire businesses to scale up and grow. We look forward to working with the British Business Bank and other partners to identify and support new rising stars in the region. Our team is highly experienced and is well known to many in the regional business community and has expertise across the full range of industries.” 

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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