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A government fund set up in the UK to help small and medium-sized businesses grow has provided its first deal in the North East of the country, the BBC reports.
The Northern Powerhouse Investment Fund II, set up in March to "drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England," provides up to $5 million in loans and equity to help small and medium-sized businesses start, scale up, or stay ahead.
"This investment will not only help us expand within the UK sector but also adapt and venture into new industries like AI and advanced technologies," says CEO David Broom of B7, a brand agency based in Newcastle-upon-Tyne.
B7 plans to hire three more employees over the next six to eight months to double its team size, invest in state-of-the-art equipment, and expand its recruitment, retail, technology, and financial services offerings.
"Since expanding NPIF II to cover the entirety of the North East, there has been significant interest in accessing the Fund," says British Business Bank's managing director.
"The appetite for growth from business owners is there, with people like David recognizing NPIF II as a valuable source of funding to kickstart their growth plans."
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