The government’s £400m Northern Powerhouse Investment Fund (NPIF) has announced its first investments.
Following its launch earlier this year, the NPIF has allocated over £240k to four SMEs across the North West and Yorkshire.
NPIF – Enterprise Ventures Debt Finance provided a £100k loan to Blake UK, a Sheffield-based manufacturer, importer and supplier of TV/AV reception and distribution products.
The six-figure boost will enable the company to launch new product lines and increase stock levels.
Business Finance Solutions, meanwhile, ploughed £100k into Warrington-based mobile CCTV solutions provider Red Security Solutions Limited, which will allow RSS to invest in a range of new hybrid and solar powered security solutions.
Yorkshire’s NPIF – Business Enterprise Fund & Finance For Enterprise Microfinance provided £40k to Vulcan Passive Fire Systems.
From its base in Leeds, the firm produces a range of fire protection products and systems. The NPIF cash is part of a package that has allowed Vulcan to create four jobs and invest in vehicles and new equipment.
Lastly, NPIF – FW Capital Debt Finance supported Birkenhead manufacturer AEV Limited with an undisclosed amount to support the business’ continuing growth strategy, particularly outside the European Union in emerging markets.
AEV Limited manufactures resins, varnishes, compounds and insulating products for the electrical and electronic sectors.