NPIF secures first Cumbria investment
The Northern Powerhouse Investment Fund (NPIF) has facilitated a £40,000 loan to training services provider NC Training, marking NPIF’s first investment in the Cumbria region since it was launched earlier this year.
The investment was made by NPIF – BFS & MSIF Microfinance, an NPIF product fund managed by Business Finance Solutions (BFS) in partnership with MSIF.
Based in Barrow-in-Furness with an additional office in Workington, NC Training provides training and apprenticeship services on behalf of local colleges and training organisations. Its training services cover a variety of topics from IT and management to health and social care. With 11 years’ experience in the field, the business provides training to businesses in a range of sectors including, pharmaceutical, education and healthcare.
Led by director Nicola Cassley, NC training currently employs 32 staff and caters to 700 learners across the UK.
The investment will help the company to expand its existing team with the addition of at least seven new staff to support the number of learners gained from recently secured contracts. NC Training will also use some of the funding to invest in IT equipment required to enhance the training services they offer.
Nicola Cassley, Director of NC Training, said: “I can’t recommend the Northern Powerhouse Investment Fund enough. Mark at BFS guided me through the process every step of the way which made it extremely straight forward. The funds which became available within 48 hours, has already enabled the purchase of new ICT equipment and the recruitment of two additional trainers. The extra funds will also allow us to upskill our workforce and expand our business capabilities as we take on new contracts.”
Mark Gibbons, Senior Business Loan Manager at BFS, said: “We are pleased to be able to support NC Training who have grown rapidly in a short period of time. The business is doing great work in the region delivering training and apprenticeships services for many young people across Cumbia. The funding will allow the business to deliver on newly awarded contracts.”
George Beveridge, Cumbria Local Enterprise Partnership Chair, says: “It’s good to see NPIF striking its first deal with a Cumbrian firm with aspirations for further growth, enabling NC Training to create new jobs and invest in the latest high-tech equipment to extend their services.
“We hope this will be the first of many more opportunities for Cumbrian businesses to gain access to the right type of finance to facilitate and accelerate their growth. The Northern Powerhouse Investment Fund can help them achieve this with a mix of micro-finance, business loans and equity capital to assist at all stages of SME development.”
Keith Morgan, British Business Bank CEO, said: “The British Business Bank is committed to supporting business across the North of England in getting the finance they need to fulfil their growth ambitions. It is great to see the Northern Powerhouse Investment Fund starting to deliver for local businesses in Cumbria, and we look forward to seeing further developments across the region in future.”
The Northern Powerhouse Investment Fund provides microloans, debt and equity investments, ranging from £25,000 to £2m to help a range of small and medium sized businesses to start up, scale up or stay ahead. The Northern Powerhouse Investment Fund is delivered by The British Business Bank.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
For more information about Northern Powerhouse Investment Fund, please visit www.npif.co.uk.