Prime Highlights
- BNIF designed as an evergreen fund, recycling returns to support future business opportunities for years to come.
- Fund aims to fill gaps in access to finance for businesses unable to secure traditional investment.
Key Facts
- Northumberland County Council launches £20 million Business Northumberland Investment Fund.
- Council seeks FCA-authorised fund manager as procurement process begins.
Background
Northumberland County Council has launched the next stage of its business support scheme, introducing the Business Northumberland Investment Fund (BNIF) as part of the wider Northumberland Growth Fund. The £20 million fund aims to support job creation, innovation and economic development across the county.
Councillor Richard Wearmouth, cabinet member for business, growth and regeneration at Northumberland County Council, said the new fund reflects the council’s commitment to building long-term economic growth and opportunity across the region. He highlighted the ambition of local businesses, ranging from innovative start-ups and scale-ups to established companies looking to invest and expand.
The council is now seeking an experienced, FCA-authorised fund manager to establish and run the BNIF, which is designed to fill gaps in access to finance for businesses unable to secure traditional investment.
Wearmouth said the fund would give the council the opportunity to back these ambitions with significant long-term investment, helping businesses create jobs, drive innovation and strengthen the local economy.
He added that the fund would provide a new source of patient and flexible capital, helping businesses overcome barriers to growth and take advantage of emerging opportunities across Northumberland.
The BNIF has been designed as an evergreen model, meaning returns will be reinvested to support future opportunities and extend the impact of the initial £20 million.
Wearmouth said this approach would ensure businesses continue to benefit from the investment for many years to come. The procurement process to appoint a fund manager is now under way.