The NPIF, which has offices in Penrith, is providing the money for the fund managers to offer microfinance (£250,000 - £100,000), business loans (£100,000 - £750,000) and equity finance (up to £2m) specifically to help SMEs secure the funding they need for growth. The project is supported with investment from the European Regional Development Fund.
The aim of the NPIF is to change the structure of finance markets for small businesses providing a mixture of loans and equity capital to Cumbrian SMEs at all stages of their development.
Cumbria LEP Chair George Beveridge says: “This is about improving funding options and opportunities to support small businesses across the county. It will complement the business support activity already delivering jobs and growth here, and will be an important part of the finance mix.”
NPIF is a combination of capital allocated to the 10 LEPs in the North West, Yorkshire and Humber and the Tees Valley by the European Regional Development Fund, a loan from the European Investment Bank, funding from the Department for Business Energy and Industrial Strategy, and an additional loan from British Business Finance Limited, a British Business Bank group company.
See www.npif.co.uk for more information
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