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The British Business Bank has launched its £400m Northern Powerhouse Investment Fund (NPIF), aimed at boosting the North of England’s economy and helping the region’s businesses realise their growth potential.

The British Business Bank’s recent Spotlight: The Northern Powerhouse Investment Fund publication reported that the North contributes £350bn per year in GDP – close to one fifth of the UK economy. The new fund aims to build on this foundation by providing smaller businesses with increased choice of funding and producing greater levels of investment across the Northern Powerhouse region.

Based in Sheffield, the Northern Powerhouse Investment Fund will work with 10 Local Enterprise Partnerships (LEPs), combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mixture of debt and equity capital to northern-based SMEs at all stages of their development. NPIF will provide funding to fund managers who will offer Microfinance (£25,000 – £100,000), Business Loans (£100,000 – £750,000) and Equity Finance (up to £2m).

The fund managers appointed to manage the Northern Powerhouse Investment Fund are:

Microfinance: Business Finance Solutions & MSIF, Finance for Enterprise & Business Enterprise Finance
Business Loans: FW Capital and Enterprise Ventures
Equity Finance: Maven Capital Partners and Enterprise Ventures
Initially announced in November 2015, NPIF combines capital allocated to the 10 LEPs in the North West, Yorkshire and Humber and the Tees Valley by the European Regional Development Fund (ERDF), a loan from the European Investment Bank (EIB), funding from the Department for Business, Energy and Industrial Strategy (BEIS) and an additional loan from British Business Finance Limited, a British Business Bank group company.

Keith Morgan, CEO at British Business Bank, said: “The North of England has a long and proud history of driving global innovation and economic progress. The region has more high-growth businesses than London and, at close to one fifth of UK GDP, is larger than the economies of Greece, Denmark, Austria and Belgium.

“The region has enormous untapped economic potential that can be realised by improved funding options and opportunities. The Northern Powerhouse Investment Fund represents a co-ordinated policy approach to help realise this potential across the North.”

Andrew Percy, Northern Powerhouse Minister, said: “Our efforts to build the Northern Powerhouse are delivering real results for local people, with over one million businesses involved, foreign direct investment up by a quarter and 187,000 jobs created in the past year alone. This dedicated £400m will help us go even further, supporting smaller businesses across the region to reach their full potential and helping to create an economy that works for everyone.”

Roger Marsh, OBE Chair of the Leeds City Region Enterprise Partnership (LEP) and Chair of the NPIF Strategic Oversight Board, said: “The North already boasts a diverse, dynamic and thriving economy with enormous untapped potential that, when realised, will bring huge economic benefits to the region and the UK’s competitiveness.

“This increased investment will complement the business support activity already delivering jobs and growth in the region. It offers SMEs increased flexibility in the funding available and will help boost business growth, create more high quality jobs and increase innovation.”

Jonathan Taylor, European Investment Bank Vice President, said: “The Northern Powerhouse Investment Fund will unlock the unparalleled innovation, talent and entrepreneurial spirit of the North and build on the world class strengths of the region. The European Investment Bank is pleased to provide more than £180m for this exciting new initiative as part of our commitment to support investment by small business across Europe.”

This comes just weeks after the launch of the Industrial Strategy Green Paper which outlined the Government’s ambitious plans to build on the UK’s strengths and create an economy that works for everyone: delivering high-skilled, well-paid jobs and creating the conditions for competitive, world-leading businesses to prosper and grow right across the UK.

The project is supported financially by the European Union. Attracting investment 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.

For more information about Northern Powerhouse Investment Fund, please visit www.npif.co.uk.

Taking place on Friday 10 March 2017, the inaugural Cumbria Family Business awards will take place at the Castle Green Hotel in Kendal. The event which is sponsored by Enterprise Answers along with Lamont Pridmore Accountants, Armstrong Watson Accountants, Coulson Associates Limited, Family Business United and the Federation of Small Business promises to be a showcase of some of Cumbria’s best family businesses. Hosted by television celebrity chef Dave Myers of The Hairy Bikers fame, the evening will recognise an appreciation of family businesses which play an important role in stimulating the Cumbrian economy, especially in rural areas. Whilst it is recognised that SME’s play a vital role in the local economy, little recognition has been given to family businesses, until of late, of the role they play and the way they can differ. In rural areas this can be through diversification, especially on farms, employing people within remote and spartially populated areas, enhanced customer service skills, succession planning and much more.

At Enterprise Answers we are passionate about supporting Family Businesses and we are proud to be engaging with Coulson Associates Limited, The Good News Girl and Make It Happen to ensure this award ceremony is a success for 2017 and in future years.

For more information about the Cumbria Family Business Awards, visit the website at http://cumbriafamilybusinessawards.uk/ It promises to be a great evening.

Cumbria Crystal, Ulverston

Cumbria Crystal was founded in 1976 by Lord and Lady Cavendish along with a group of local business people. Lady Cavendish designed the Grasmere cut herself and it became the first range to ever feature on Cumbria Crystal’s shelves; it is still by far the most popular cut today. Next came the Helvellyn range. It quickly became the choice of all British Embassies across the globe and helped the company grow the reputation for quality and craftsmanship it enjoys today. With a focus on quality not quantity they have a business model that has enabled them to survive as the last remaining manufacturer of luxury full lead crystal in the UK.

Enterprise Answers was pleased to assist Cumbria Crystal with its finance requirements to replace two dated kilns with modern versions which enabled the company to improve its output capacity to keep pace with growing demand. With a request to supply the crystal glassware used in the Downton Abbey TV series and the James Bond movie, Casino Royale, it is hardly surprising that this unique business has gone from strength to strength.

https://www.cumbriacrystal.com/

The Carlisle Brewing Company

“We think we’ve got the best job in the world. We spend our days making and selling the kind of beer we enjoy drinking. We love having the freedom to brew beers that please our growing band of customers and of course our own taste buds.” is how Alison and Alain Davies describe their roles within The Carlisle Brewing Company.

Having spent more years than they care to remember drinking real ale of all styles and flavours, this culminated in them buying their own pub, The Spinners Arms in Cummersdale, Carlisle in 2007 – and where naturally they continued their research!

In 2013 they set up a 2.5 barrel microbrewery on site but outgrew this quite quickly and moved to their current premises, opening a bigger plant in October 2015, thanks to finance from Enterprise Answers and a grant from the Cumbria Local Enterprise Partnership. They still have The Spinners Arms and it’s now their brewery tap with a good range of their beer on the bar at all times!

The heritage and history surrounding brewing in Carlisle is something that really captured their imagination and we’re really pleased to have helped Alain and Alison bring brewing back to the city after a 25 year absence.

https://carlislerealale.com/

Rustic to Regal Delicatessen, Thornton Cleveleys

For Amanda and Glen, running their own independent delicatessen really is the dream come true. After spending several years testing the waters with other career lines, they finally decided to take the plunge and launch a business that would do more than just pay the bills – “it would keep us sane!” says Amanda. So, after months of research and a lot of hard graft, Rustic to Regal was finally open for business at Marsh Mill.

Although delicatessen is perhaps the most appropriate label, Rustic to Regal is so much more. From fresh ingredients and store-cupboard ingredients, locally sourced from independent suppliers, to freshly prepared sandwiches, soups and meals and outside catering, there is no compromise on quality and taste.

Every endeavour at Rustic to Regal is influenced by both Amanda’s Irish heritage and a decade living and working in Spain. From traditional, hearty meals cooked form closely guarded family recipes, to Mediterranean, French and American cuisine inspired by cultural overseas experiences as a youth, everything sold and prepared at Rustic to Regal is from the heart. This raw passion, combined with husband and trained chef Glen’s extensive experience in all manner of kitchens and food service environments, gave them all the skills necessary to create a deli that sits at the heart (and in the bellies!) of the community.

At Enterprise Answers we were impressed with the passion, quality and commitment of both Glen, Amanda and the whole team. With finance required to upgrade and expand the premises, we were more than ready to assist. With the improvements complete and situated in a pleasant area of Lancashire beneath the windmill, Rustic to Regal have been able to scale up their business offering which now includes the new private dining experience.