September 4, 2018 @ 9:18 by Chloe Holmes
Since the launch of NPIF in February 2017, Mercia has provided loans and equity investment for 71 companies. Tees Valley companies that have received funding include Laytrix, a start-up firm developing novel sub-sea pipe-laying equipment; and Carbon Reducing Energy Storage Systems (CRESS), both in Darlington.
Paul Taberner, Head of NPIF – Mercia Debt Finance, said:
“The Mercia team has strong connections within the regional business community and we are working closely with advisers, Business Growth Hubs and Local Enterprise Partnerships. We have backed some of the North’s most innovative businesses as well as those in more traditional industries. The Northern Powerhouse Investment Fund is playing an important role in providing affordable finance for growing businesses and developing the industries of the future. We have made great progress with investing and can see the funds are already starting to make a real difference in terms of supporting business growth and creating jobs and prosperity.”
Ken Cooper, Managing Director at British Business Bank, said:
“It is great to see Mercia putting Northern Powerhouse Investment Fund money to work in this way. They are backing an impressive portfolio of small businesses and reaching out to companies that might not otherwise realise the opportunities available from taking on external financing. This is generating new jobs and economic impact in the region. I am looking forward to seeing what the next £20m brings.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.