GC Business Finance and River Capital have marked a strong first year of delivering the Northern Powerhouse Investment Fund II (NPIF II) Smaller Loans, providing over £1.7 million in funding to 32 businesses across the North West since the fund launched in April 2024.

The £660 million NPIF II is designed to stimulate growth and innovation across the North of England, offering loans from £25,000 to £2 million and equity investment up to £5 million. As managers of the Smaller Loans element (up to £100,000), GC Business Finance and River Capital have been instrumental in helping early-stage and scaling businesses access the capital needed to expand.

The fund’s sector-agnostic approach has allowed support for a broad spectrum of businesses, reflecting the region’s diversity and entrepreneurial strength. Recent recipients include Liverpool-based sustainable packaging firm Green Bell Packaging, Cheshire’s premium online homeware retailer Tilly and Ted, and Kidz Pamper Bus, a mobile children’s party business in Lancashire.

Significantly, 41% of the funding awarded to date has gone to female-led enterprises, a reflection of the fund’s commitment to improving access to finance for underrepresented groups and championing inclusive growth.

Andy Nichols, investment manager at GC Business Finance, said: “The team has played a key role in delivering NPIF II, backing ambitious and underrepresented entrepreneurs across the North. With 41% of investments going to female-founded businesses, we’ve supported game-changing growth for companies with underrepresented founders.”

John Gray, head of debt at River Capital, added: “NPIF II Smaller Loans provide a vital stepping stone for businesses that are scaling, investing in growth and innovation. It’s been a strong first year for delivery, and we look forward to continuing to back brilliant Northern businesses and their ambitions through this fund.”

Sue Barnard, senior manager at the British Business Bank, which oversees NPIF II, commented: “Access to early-stage capital is vital for driving regional growth and boosting regional opportunity. GC Business Finance and River Capital have made a strong start in delivering NPIF II Smaller Loans, and it’s great to see this support reaching such a broad range of sectors and entrepreneurs across the North West.”

NPIF II aims to increase both the availability and variety of early-stage finance for SMEs across the North, particularly for firms that may otherwise struggle to secure investment. By removing barriers to funding, the initiative is helping to drive innovation, job creation and long-term regional resilience.