Published in July 2019, this report covers the early assessment of the Northern Powerhouse Investment Fund (NPIF), which took place between November 2018 and March 2019. The fund is designed to increase the supply of debt and equity finance to SMEs located in the NPIF areas. The NPIF model provides a platform through which partners (the British Business Bank, 10 of the Northern LEPs, Growth Hubs, fund managers) can continue to develop a stronger more integrated service offer and referral mechanisms.

Although the NPIF is only two years in to a 10-year programme, it has been very successful to date as the number and value of lending and equity deals are ahead of target and the finance has been distributed across the NPIF areas. By the end of December 2018, the NPIF had received 3,764 enquiries and 820 applications, from which 419 investments were awarded to the sum of £86 million, providing finance to 358 SMEs. The focus of the early assessment is on the processes, emerging intermediate outputs and outcomes for participating businesses and the impact on the wider finance ecosystem. The Report summarises the assessment of delivery, assessment of outcomes to date, assessment of emerging impacts and concludes with some final reflections on the validity of the Fund’s rationale and any improvements.