NPIF II – GC Business Finance and River Capital deliver more than £1.3m of support to North West businesses
NPIF II – GC Business Finance & River Capital Smaller Loans, which is managed by the consortium as part of the Northern Powerhouse Investment Fund II (NPIF II) has delivered over £1.3m of funding in the first half of the financial year.
Across the period, they have supported 22 businesses, which is expected to support the creation of 83 jobs, helping ambitious businesses across the North West to grow, invest and create new opportunities.
As fund managers for NPIF II Smaller Loans in the North West, providing loans from £25k up to £100,000, GCBF and River Capital play a vital role in helping businesses start, scale and invest in their future.
Over the period, 45% of all loans went to female-founded businesses and 40% went to minority founders, demonstrating the consortium’s continued commitment to backing entrepreneurs who have historically faced barriers to finance.
The NPIF II funding continues to support businesses across a range of sectors, reflecting the diversity of the North West’s economy and the important role the fund plays in supporting local growth and delivering place-based impact in communities across the region.
Businesses supported include Salford-based fitness business Ballistic Performance, which secured £30,000 from NPIF II alongside a Start Up Loan to open a second gym in Salford Quays. Founded by Rob Whittaker and Adam Cheshire in 2020, the business has grown from two personal trainers into a team of nine employees across two locations, with turnover increasing from £80,000 to £350,000.
Another business supported is Chorley-based Kidz Pamper Bus Ltd, which secured £50,000 of follow-on NPIF II funding to expand its fleet, upgrade its booking systems and create five part-time jobs. Founded by Rebecca McGregor, the children’s mobile entertainment business operates across Lancashire and the wider North West.
Andy Nichols, fund manager at GC Business Finance, said: “It’s encouraging to see continued demand for NPIF II, with more than £1.3m invested in ambitious smaller businesses across the North West over the last six months. The funding is helping entrepreneurs access the capital they need to grow, invest in their ideas and create jobs, while contributing to the wider regional economy.
“We remain committed to supporting underrepresented founders and ensuring businesses can access the finance they need to reach their potential and we look forward to building on this progress and supporting even more businesses in the months ahead.”
Sue Chambers, senior investment manager at River Capital, said: “Smaller loans can make a big difference. For many of the founders we work with, a loan of up to £100,000 is what allows them to open a new site, take on staff or invest in the equipment they need to grow, and it’s fantastic to see more than £1.3m reaching businesses across the North West in just six months.
“For us, this is what place-based impact looks like: finance that stays close to home, backs local founders, creates local jobs and strengthens the communities those businesses are part of. With 45% of loans going to female founders and 40% to minority founders, we’re proud to be widening access to finance across the region, and we look forward to supporting many more ambitious businesses in the second half of the year.”
Sue Barnard, senior investment manager at the British Business Bank, said: “The Northern Powerhouse Investment Fund II continues to play an important role in supporting businesses across the North West, providing the funding they need to invest, grow and create jobs. These latest figures demonstrate the ongoing impact of smaller loans have for businesses, with more than £5m delivered through the fund to date and 83 jobs expected to be created by businesses supported over the last six months.
“By helping ambitious businesses access finance and supporting entrepreneurs from a range of backgrounds, NPIF II is helping to unlock regional potential, strengthen local economies and create opportunities across the North West.”
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.