GCBF and River Capital drive North West growth with £1.4 million NPIF II investment

GC Business Finance (GCBF) and River Capital have provided £1.4 million worth of funding to 23 businesses in the North West since the second Northern Powerhouse Investment Fund (NPIF II) launched in March 2024.

The two organisations manage as a consortium NPIF II – GC Business Finance & River Capital Smaller Loans. Funding has supported businesses across a variety of sectors in the North West, from retailers and technology innovators to speciality cafés, and range from new businesses seeking their first loan, through to more established businesses seeking growth capital.

Businesses supported in the region include Birkenhead-based domiciliary care company, House of Care; Manchester-based café, Black Milk; Preston’s Private Ambulance Service; and Lymm-based Tilly and Ted Homeware.

Andy Nichols, Investment Manager at GC Business Finance, commented:

“The NPIF II smaller loans funding is crucial for businesses looking to secure £25k to £100k worth of funding to support growth. Alongside River Capital, we have supported some brilliant businesses in the North West.

“From supporting Black Milk to purchase and supply stock to fulfil orders placed by high street retailers, to backing Tilly and Ted as it sets out to conquer international markets, it is amazing to have provided over £1m worth of funding to support the North West’s growing businesses. The North West is home to some incredible businesses, and we can’t wait to work with even more in the months and years ahead.”

John Gray, Head of Debt at River Capital, said:

“After working with GCBF on the first Northern Powerhouse Investment Fund, which delivered £13.5m of funding to businesses, it has been great to partner once again to support with the provision of NPIF II, having already provided over £1m of smaller loans to North West-based businesses through the fund.

“We have worked to reach even further afield, targeting businesses in hard-to-reach areas like Cumbria, ensuring that NPIF II is reaching the whole of the North West. It has been a delight to support a wide range of businesses, helping the likes of House of Care and Private Ambulance Service as they go through exciting periods of growth. We look forward to working with these businesses more closely in the coming months, as well as hearing from new businesses seeking finance.”

Sue Barnard, senior investment manager, at the British Business Bank, said:

“Almost a year on from its launch, it is brilliant to see such a range of businesses driving their growth with the support of NPIF II funding. After GCBF and River Capital’s success through the first NPIF, it’s great to see the consortium continue, and the £1m+ they have provided through smaller loans so far has been transformational for these local businesses. We look forward to seeing how they continue to support the North West, ensuring that businesses across the region, including those in harder-to-reach communities, can secure the funding they need to grow.”

The £660 million Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25,000 to £2 million, and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.