Council launches new £20m support fund for local businesses
Businesses in Northumberland are being offered the chance to share in a £20m growth fund.
Northumberland County Council’s new Business Northumberland Investment Fund (BNIF) aims to unlock more business opportunities across the county.
Delivered as part of the ambitious new Northumberland Growth Fund, the council says the BNIF has been designed to address gaps in access to finance and unlock opportunities for businesses that might otherwise struggle to secure investment.
It aims to support business growth, job creation, innovation and the attraction of further private sector investment into the county.
The Council has also launched the process of appointing an experienced, FCA-authorised Fund Manager to manage the BNIF.
Cllr Richard Wearmouth, the council’s cabinet member for business, growth and regeneration, said: "Our new Northumberland Growth Fund demonstrates our commitment to creating long-term economic growth and opportunity across the county.
"We have ambitious businesses here, from innovative start-ups and scale-ups to established companies looking to invest and expand.
"The BNIF gives us the opportunity to back those ambitions with significant long-term investment, helping businesses create jobs, drive innovation and contribute to a stronger local economy.”
He added: "It will provide businesses with a new source of patient and flexible capital, helping them overcome barriers to growth and take advantage of the opportunities emerging across Northumberland.
"Importantly, this investment doesn't end with the initial £20. As an evergreen fund, returns will be recycled into future opportunities.”
Tender opportunity details and supporting documentation can be accessed through the OPEN Tender Portal at https://www.open-uk.org/
The project reference number and title for assistance is NCC1819 Business Northumberland Investment Fund (BNIF) Fund Manager Procurement