The Northern Powerhouse Investment Fund (NPIF) has made 45 investments in the region of Tees Valley, worth a combined £10m.
NPIF, delivered by British Business Bank, offers funding options, ranging from £25,000 to £2m, to businesses based in the 10 Local Enterprise Partnership (LEP) areas that make up the Northern Powerhouse region. These options include microfinance, debt finance, and equity finance.
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Notable transactions in the region include a £250,000 investment in 2PD, a research and development business based in Fusion Hive, Teesside made by NPIF and Mercia Equity Finance.
The funding will be used to take the firm’s product, which uses two-point discrimination therapy to treat phantom limb pain, through studies and clinical trials at Teesside University. The automated medical device could replace the traditional two-point discrimination therapy method, which typically requires a healthcare professional for up to 90 minutes a day for as long as four weeks.
Aedis, a provider of private sector building control services, is another Tees Valley-based company which has benefitted from investment from the Northern Powerhouse Investment Fund. The business specialises in delivering cost-effective and client-friendly alternatives to local authority building control, with a turnover of £6.8m in the fiscal year 2018.
NPIF with FW Capital Debt Finance invested £650,000 to support Aedis in scaling up its business by shifting focus towards larger domestic, residential projects and commercial clients.
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By GlobalDataTees Valley mayor Ben Houchen said: “These investments have backed some of the most important people in the Tees Valley, the job-creators, innovators, entrepreneurs and risk-takers at the forefront of our economic ambitions. In helping businesses such as Aedis to go from strength to strength, the funding in the Northern Powerhouse Investment Fund is making a huge difference to the whole of the region.”
Ken Cooper, managing director at British Business Bank, said: “It is good to see that businesses in the Tees Valley are rising to the challenge and accessing the funding available from the Northern Powerhouse Investment Fund. Small businesses, like 2PD and Aedis, will be key to the future growth of the region. NPIF has the capacity to back many more companies like them and we look forward to more growth and more jobs as the region’s SMEs seek this investment.”
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.
NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding.
The Northern Powerhouse Investment Fund has invested a total of £20m in SMEs in the Leeds City Region.
