NORTHERN POWERHOUSE INVESTMENT FUND (EIB-20150184)

Countries
  • United Kingdom
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 23, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
British Business Bank
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 231.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported GBP 184 million (EUR 217 million)
Converted using 2016-11-30 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Apr 6, 2017

Disclosed by Bank Nov 30, 2016


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Project Description
According to bank documents, the Northern Powerhouse Investment Fund will provide over GBP 400m of lending and investment to smaller businesses and thereby boost economic growth and productivity in the north of England. The fund will also attract additional private sector funding and contribute to creating a sustainable ecosystem of high growth companies alongside the support of network of funders and advisors that they need. The Northern Powerhouse Investment Fund is a collaboration between the British Business Bank and ten local enterprise partnerships in North West England, Yorkshire and the Humber and the Tees Valley. It consists of a GBP 432m fund-of-funds that aims to support a wide range of firms at different points in their development, from early-stage businesses seeking equity funding and microfinance to high-potential firms wanting to take advantage of growth opportunities. Under the terms of the UK SME Financial Instruments Programme approved by the EIB in 2015, the EIB would contribute for GBP 183.6m to the fund that also mobilises European Structural Investment Funds (ESIF), as well as other national grants and loans. The Northern Powerhouse Investment Fund will be managed by British Business Financial Services Ltd (BBFSL), an entity fully owned and controlled by the British Business Bank (BBB), a government-owned financial institution set up to support economic growth by making finance markets work better for smaller businesses in the UK.
Investment Description
  • European Investment Bank (EIB)
Contact Information
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