Growth Hub partnership helping businesses to thrive
Kishor Tailor, chief executive of the Humber Local Enterprise Partnership (LEP).
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.