NPIF II: driving job creation in the North

People and communities

People and communities are at the heart of every successful small business. Smaller businesses often have a stronger community focus than larger corporations, bringing people and communities together. Growing these businesses is incredibly important - they provide employment, support local supply chains, and contribute to the local economy. NPIF II recognises the significant link between people and business, and the impact this has on job creation in the North. By investing in businesses that support their communities, NPIF II is helping to ensure these communities can thrive alongside their businesses.

However, the impact of NPIF II extends further than the individual businesses involved. By supporting sustainable job creation in communities, NPIF II is playing a pivotal role in contributing to local spending, strengthening the economy and supporting financial stability in the North. As more jobs are created, the benefits are felt across a number of sectors, from retail and hospitality to technology and more, leading to a more resilient local business community.

The role of talent

The success of a business is reliant on the people behind them, along with their skills, expertise and experience. For a business to innovate, expand and ultimately, grow, fresh ideas and new perspectives are essential. By attracting new talent into small businesses, this can be a catalyst for growth. However, for many of these businesses, funding is required to help scale their operations and bring in new people. NPIF II provides a range of finance options to support businesses with this, helping them to access the capital and support that is needed to grow their teams. By focusing on nurturing talent, businesses can maintain their market competitiveness, driving growth and playing a crucial role in the development of their respective regional economies.

Targeting underserved areas

One of the key objectives of NPIF II is to deploy capital to businesses that have traditionally been underserved. Many of these businesses operate in sectors that are vital for local employment but often find themselves struggling to secure funding through traditional means, such as high street banks. By providing targeted investment to these businesses, NPIF II is facilitating the creation of opportunities for local people, laying the foundations for sustainable economic growth in the longer term. As these businesses expand, they will create further job opportunities, in turn supporting the entire local community and contributing to the wider UK economy.

Success stories from NPIF II

Having launched eight months ago, NPIF II is already having a tangible impact on driving job creation across the North of England. For example, Knowsley-based electromechanical specialist, Central Group, secured funding from NPIF II to support the work the business does with local universities to knowledge share and educate students, leading to the creation of eight new jobs. . South Yorkshire-based legal technology firm, FinLegal, also secured funding from NPIF II, which enabled it to double its workforce, creating 26 jobs for the region to support the growth of its international client base.

NPIF II is at the forefront of providing crucial capital to underserved businesses and helping them to scale and thrive. By focusing on and supporting people, talent, and community impact, NPIF II is not only creating jobs but also contributing to a more resilient economic landscape. As the North continues to develop, funds like NPIF II will play a vital role in making sure that the benefits are felt across the whole region.

ENDS