116 businesses across South Yorkshire have benefited from over £31m worth of funding from the Northern Powerhouse Investment Fund (NPIF), it’s been revealed.
The private sector has co-invested a further £24m, representing a total cash injection of £55m. Prior to this announcement, and since the start of the pandemic, the region has received £14m to boost growth and support businesses through the challenging economic climate we’re currently in.
A partnership between the British Business Bank and 10 Local Enterprise Partnerships from across England, the NPIF is intended to support new and growing small and medium-sized enterprises (SMEs), create jobs and attract investment from the private sector.
One of the businesses to benefit was power system manufacturer Libertine, which opened a Rotherham-based technology centre in 2018 – a state of the art facility which doubles up as the company’s headquarters. The company secured £650,000 of funding from the NPIF in 2017 to purchase the unit, located in Vantage Park on the Sheffield-Rotherham border.
Mayor of South Yorkshire Mayoral Combined Authority (MCA) Dan Jarvis said: “We are pleased to be working alongside the Northern Powerhouse Investment Fund to support South Yorkshire businesses.
“Since 2017, 116 businesses in our region have secured a combined total of £31m worth of investment, with the fund leveraging just under £24m from the private sector and in turn creating 477 jobs.
“This is having a significant impact on driving growth and prosperity in the region.”
Neil MacDonald, Sheffield City Region Local Enterprise Partnership Board Member and NPIF Strategic Oversight Board Member, commented: “Our specialisms in industry 4.0, advanced manufacturing, digital and healthcare, combined with a wealth of skills and strength in innovation, means South Yorkshire offers a great level of investment potential.
“We’re extremely pleased that this is being recognised more than ever and our partnership and collaboration with the Northern Powerhouse Investment Fund has resulted in so many businesses across the region benefiting from financial investment and support.”
This news is a further boost for Rotherham and South Yorkshire as a whole, making the area more attractive for businesses and individuals alike. If you’re considering moving to the area, Hallam Removals is a Rotherham removals company you can count on every time. For a free, no obligation quote, contact us today.