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BEF closes in on almost £1m worth of deals through the Northern Powerhouse Investment Fund II

Press release 27 November 2024

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.

Portrait of the team from BEF Smaller Loans
Left to right: Hilary Watson, Chris Conroy, Mark Iley (back), Emma Bashforth, Simon Jackson (back), Doug Heseltine

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.

Simon Jackson, Director of Investments at BEF, said: 

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.

Lizzy Upton, Senior Manager, at the British Business Bank, said: 

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.

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.

Further Information

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Notes to editors

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development. 
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.

For investment by NRIL at the sub-fund level

  • §   The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.

For investment by NPIF II sub-fund at the investee company level

  • The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom. 

Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East)

Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East)

Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East) 

Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpages.

About Business Enterprise Fund

Business Enterprise Fund (BEF) helps transform communities across the North by providing business loans from £500 to £250,000, to enable the region’s SMEs to launch, scale, and succeed. BEF opens doors for entrepreneurs with a focus on supporting those often overlooked by traditional lenders — women, ethnic minorities, young innovators, and businesses in the UK’s most underserved areas, where 64% of our lending is directed.

In the past year alone, BEF has invested £21.5m and contributed £86m to the regional economy. This investment empowered 599 new UK businesses and supported 4,470 jobs.

As a Business Support Partner in the Government’s Start Up Loans programme, BEF provides emerging businesses with the crucial funding and support they need. Additionally, BEF supports new and growing businesses across Yorkshire and the Humber through the Northern Powerhouse Investment Fund II Smaller Loans, a fund delivered by the British Business Bank.

As a social enterprise and Responsible Finance Provider, BEF reinvests its profits to fuel even more opportunities, strengthening the loan fund for organisations that spark innovation and drive entrepreneurship. Over the last 12 years, BEF has invested £129.5 million, generated £518 million in economic impact, and helped create or safeguard 17,610 jobs.

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