£30m boost for Tees Valley businesses with Northern Powerhouse fund
Businesses across Tees Valley have benefitted from £30m investment to date from a Northern investment fund.
The Northern Powerhouse Investment Fund (NPIF), delivered by British Business Bank, has facilitated over £30m of investment in the Tees Valley since it was set up in 2017.
So far, NPIF, which delivers equity, debt and microfinance, has facilitated more than 75 transactions for over 50 businesses in the region.
Ken Cooper, managing director at British Business Bank, commented: “The Tees Valley is a region that has historically had only limited access to growth finance so it is encouraging to see the impact that NPIF has had on boosting business investment.
“Even with the challenges imposed by the pandemic, our team has been working with the businesses community to support innovation and growth in the region.
“We are seeing a wide range of businesses accessing our funding from traditional engineering firms to those developing emerging technologies but all of them looking to use our investment to grow their businesses.
“We will continue to work closely with the Tees Valley Combined Authority, Tees Valley Business and other stakeholders in the region as we drive towards the next milestone in Tees Valley investment.”
Tees Valley Mayor Ben Houchen added: “It is fantastic to see that the Northern Powerhouse Investment Fund has helped so many firms across Teesside, Darlington and Hartlepool, allowing the excellent local businesses we have in our region to grow, invest in their future and create local jobs for local people.
“Given the circumstances we find ourselves in because of the coronavirus pandemic, it is more important than ever before that we help our businesses and give them all the support that we can.
“I’m delighted that this fund continues to do that and make a real difference to companies in all corners of the Tees Valley.”
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