Small Businesses: Rother Valley

(asked on 2nd September 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent steps he has taken to attract venture capital investment to SMEs operating in Rother Valley constituency.


Answered by
Dean Russell Portrait
Dean Russell
This question was answered on 21st September 2022

The £500m Northern Powerhouse Investment Fund (NPIF), managed by the British Business Bank, works with the private sector to provide and attract a mixture of debt and equity capital to northern-based SMEs at all stages of their development. NPIF covers the areas of the North West, Yorkshire and the Humber and Tees Valley (including the Rother Valley constituency).

As at July 2022, NPIF had directly invested £2.56 million into 6 SMEs in the Rother Valley constituency, leveraging in £1.42 million of private sector investment. £1.95 million of the NPIF investment took the form of equity, attracting £403,174 of private sector equity investment into two SMEs.

As part of the October 2021 Spending Review, my Rt. Hon. Friend the then Chancellor of the Exchequer announced £660 million for the next generation of the NPIF, including an expansion into the North East of England.

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