UK regional investment funds improve business access to finance

An independent evaluation by SQW Ltd of the British Business Bank’s £1.6bn Nations and Regions Investment Funds programme indicates the initiative is successfully improving access to finance for smaller businesses across the UK.

In Northern Ireland, the Investment Fund for Northern Ireland has invested £44m across 75 deals, attracting £62m in private sector investment. The fund supports various sectors, including manufacturing, wholesale, retail, and food services.

Similarly, the Northern Powerhouse Investment Fund II (NPIF II) has facilitated nearly £275m for over 400 businesses across the North. Key sectors receiving support include information and communication, professional services, and manufacturing.

Despite these funding successes, a report from BDO highlights ongoing challenges for high-growth businesses in Yorkshire. The report notes that 95% of regional businesses believe the Government’s Industrial Strategy could provide more support for innovation. Common barriers cited by business leaders include financial constraints, limited resources, and skills gaps.