Growth Hub part­ner­ship help­ing busi­nesses to thrive

Kishor Tai­lor, chief ex­ec­u­tive of the Humber Lo­cal En­ter­prise Part­ner­ship (LEP).

Yorkshire Post - Business - - BUSINESS -

THE HUMBER Lo­cal En­ter­prise Part­ner­ship (LEP) has recog­nised that busi­ness needs a range of sup­port from good qual­ity ad­vice to in­vest­ment fi­nance.

We have es­tab­lished Humber Growth Hub as a prime ‘sign post­ing’ and busi­ness ad­vice and is work­ing with the North­ern Pow­er­house In­vest­ment Fund (NPIF), Mer­cia Fund Man­agers, Fi­nance for En­ter­prise and the Bri­tish Busi­ness Bank to pro­vide the re­gion’s busi­nesses with fi­nan­cial sup­port.

The North­ern Pow­er­house In­vest­ment Fund (NPIF) pro­vides a mix of debt and eq­uity fund­ing rang­ing from £25,000 to £2m.

Since the fund was es­tab­lished its fund man­agers have been busy meet­ing with busi­nesses and ap­pli­cants from across the re­gion to dis­cuss the cor­rect form of sup­port needed to aid sus­tain­able growth.

This sup­port can come in the form of mi­cro­fi­nance, debt fi­nance and eq­uity fi­nance, of which there are suc­cess­ful ex­am­ples of com­pa­nies al­ready ben­e­fit­ing from the range of funds in the Humber.

The part­ner­ship has helped sev­eral busi­nesses al­ready, rang­ing from an award-win­ning video ad­ver­tis­ing start-up Ash TV, which se­cured fund­ing from the NPIF – En­ter­prise Ven­tures (Now Mer­cia) eq­uity fi­nance, through to a Humber-based en­gi­neer­ing firm, Al­lied Protek En­gi­neer­ing So­lu­tions who se­cured £250,000 of debt fund­ing.

In the case of Al­lied Protek En­gi­neer­ing So­lu­tions, this in­vest­ment fa­cil­i­tated an ex­pan­sion and pro­vided the com­pany with cap­i­tal that al­lowed for de­vel­op­ment of new prod­ucts, in­clud­ing the de­vel­op­ment of en­vi­ron­men­tally friendly so­lu­tions to the food pro­cess­ing and cater­ing in­dus­tries.

Phil Glover, our Humber Growth Hub man­ager, said: “The part­ner­ship through the North­ern Pow­er­house In­vest­ment Fund with the Bri­tish Busi­ness Bank and it’s fund man­agers al­lows our Humber Growth Hub to of­fer ad­di­tional fi­nan­cial sup­port to grow­ing com­pa­nies.

“The sup­port the part­ner­ship has been able to pro­vide fi­nan­cially shows how the North­ern Pow­er­house is work­ing to drive eco­nomic growth in each re­gion across the North; forg­ing new re­la­tion­ships along the way.

“In­vest­ment and growth is on the up in the Humber re­gion and with this ad­di­tional ac­cess to fi­nance we can only ex­pect this to con­tinue.

“Whilst there is a lot of un­cer­tainty par­tic­u­larly as Brexit draws closer we re­main ex­tremely op­ti­mistic about the eco­nomic op­por­tu­ni­ties for our busi­nesses par­tic­u­larly in the re­new­able and en­ergy sec­tor.”

Th­ese cases, amongst oth­ers, have shown how the work­ing re­la­tion­ship be­tween the Humber Growth Hub and NPIF can ben­e­fit the re­gion.

We are com­mit­ted to pro­vid­ing busi­nesses with sup­port that en­able them to grow and ac­cess as many fi­nan­cial sup­port op­tions as pos­si­ble. In com­bi­na­tion with the fund man­agers our Growth Hub ad­vis­ers can work di­rectly with com­pa­nies to es­tab­lish their de­vel­op­men­tal needs and re­fer them on to the most ap­pro­pri­ate so­lu­tion.

One of our three key pri­or­i­ties is to en­sure thriv­ing suc­cess­ful busi­nesses are in a place where they can grow; which will cre­ate jobs in the Humber. NPIF is just one of the so­lu­tions to giv­ing ac­cess to the funds busi­nesses need to thrive.

The Humber LEP con­tin­ues to pro­vide a range of sup­port to busi­nesses in the Humber in­clud­ing both loans and grants to aid their growth.

Pi­lots like the Lo­cal Growth Fund have al­ready sup­ported a range of in­fra­struc­ture pro­jects and as­sisted more than 300 busi­nesses, with £25m in grants lev­er­ing in al­most £125m of pri­vate sec­tor in­vest­ment.

A good ex­am­ple of a lo­cal busi­ness to have suc­cess­fully ap­plied for a grant through this scheme would be Pipers Crisps.

Through the Grow­ing the Humber fund, Pipers have been able to ac­cess cap­i­tal, en­abling them to in­stall the lat­est range of equip­ment to max­imise ef­fi­ciency and over­all fac­tory out­put.

This type of sup­port from the Lo­cal Growth Fund is just one of the avail­able sup­port mech­a­nisms that our LEP can pro­vide busi­nesses ac­cess to.

If you are in­ter­ested in find­ing out more about fund­ing grants and loans in the Humber then please con­tact us at the Humber LEP on 01482 485260, via info@ hum­ber­lep.org or, visit www. hum­ber­lep.org and http://www. npif.co.uk/.

FIND­ING FLAVOUR: Through the Gow­ing the Humber fund, Pipers have been able to ac­cess cap­i­tal, en­abling them to in­stall the lat­est range of equip­ment to max­imise ef­fi­ciency.

KISHOR TAI­LOR:

The Humber LEP con­tin­ues to pro­vide a range of sup­port to busi­nesses.

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