This means that businesses in these regions, and by extension these regions’ entire economies, potentially miss out on growth opportunities.
The Bank has three regional investment funds focused on specific areas of the UK – the Northern Powerhouse, Midlands Engine, and the Cornwall and Isles of Scilly Investment Funds. In addition, in 2018/19, we invested for the first time in a fund dedicated to Northern Ireland.
Northern Powerhouse Investment Fund
We celebrated the second anniversary of the £400m Northern Powerhouse Investment Fund (NPIF) in February 2019. The fund has supported £203m of finance for local smaller businesses, including £99m from the private sector.
Midlands Engine Investment Fund
In its first year the £250m Midlands Engine Investment Fund (MEIF) invested £41m through debt and equity funds of which £17m came from the private sector.
Cornwall and Isles of Scilly Investment Fund
The Bank, working alongside the Cornwall and Isles of Scilly Local Enterprise Partnership, launched the £40m Cornwall and Isles of Scilly Investment Fund (CIoS) in June 2018. The first loan from the fund was made in December 2018, and the first equity investment in January 2019.
December 2018 saw the launch of the Bank’s first fund focusing exclusively on supporting small businesses in Northern Ireland. The £30m fund comprised a £10.5m investment from the Bank, £7.5m from Invest Northern Ireland, and £12m from the private sector.