BEF closes in on almost £1m worth of deals through the Northern Powerhouse Investment Fund II
NPIF II – BEF Smaller Loans, which is managed by Business Enterprise Fund (BEF) as part of the Northern Powerhouse Investment Fund II has successfully completed 19 deals across Yorkshire and The Humber worth over £850,000 since its launch in March this year.
Khaleeqa Bostan
Marketing Assistant
4th December 2024
NPIF II – BEF Smaller Loans delivers smaller loans between £25,000 and £100,000 across the whole of the Yorkshire and Humber region.
One of the businesses to secure funding includes Harrogate-based Claro Hill Vets, a family run, independent veterinary practice which only opened its doors in January this year. The business secured a £25,000 loan from NPIF II – BEF Smaller Loan to help pay towards state-of-the-art equipment in its practice, including digital and dental x-rays, as well as an ultrasound and CT scanner. The investment into new equipment will enable Claro Hill Vets to do more thorough investigations on unwell pets.
NPIF II – BEF Smaller Loans also completed two deals in Hull including Wild Intervention, a provider of enhanced supported accommodation for young individuals, who secured a loan to help it develop a new app called Sapling. The app will aid Wild Intervention in supporting youngsters by digitally supporting those who are working through their Education, Health and Care plans.
Hull-based RMC Digital Print, a large-format printer and Wayfinding specialist, also secured a £65k loan, which will be used to accelerate its growth after purchasing a department of a competitor. This will enable RMC to increase its headcount. Its wayfinding business is one of the few companies in the UK which offers fully finished modular signage in paint, print and braille, and tactile.
“At BEF, we are proud to play a role in fostering the growth of small and medium-sized enterprises across Yorkshire and the Humber through the Northern Powerhouse Investment Fund II. These investments not only help businesses like Claro Hill Vets and RMC Digital Print thrive and innovate but also contribute to the broader economic development of our region. Our goal is to continue supporting entrepreneurs and local businesses with the tailored financial solutions they need to succeed and create lasting impact in their communities.”
Simon Jackson, Director of Investments at BEF
“This latest milestone reflects the impact that the Northern Powerhouse Investment Funds continue to have on the Northern economy. Securing small loans is the starting point for many smaller companies and can be a pivotal moment for them in preparing for future growth. With NPIF II only launching early this year, this is a great round of first deals, and we’re excited to see many more businesses secure funding.”
Lizzy Upton, Senior Manager, at the British Business Bank
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.