Blog by Sue Chambers – Investment Manager:
The Northern Powerhouse Investment Fund (NPIF) offers microfinance in the North West of England and is managed by River Capital and GC Finance. NPIF Microfinance is a type of financing option provided to support small businesses with loans between £25,000 and £100,000 to help businesses get started or to expand and they have a number of benefits.
1) Access to capital: One of the primary benefits of NPIF microloans is that they provide small businesses with access to capital that they have been unable to secure through traditional lenders such as banks. The microloan is an unsecured loan, so businesses do not need to provide collateral to be approved.
2) Purpose: Microfinance can be used for a wide range of purposes including start up costs, filling gaps in working capital, funding expansion projects, capital expenditure and asset acquisitions.
3) Quick approval process: The approval process for NPIF microfinance is typically faster than traditional bank loans. This can be a significant advantage for businesses that need funding quickly to take advantage of a growth opportunity or to cover unexpected expenses.
4) Fixed interest rates and no early repayment penalties: NPIF Microfinance loans have a fixed rate which enables businesses to budget better. Furthermore they do not incur early repayment fees, which means that businesses can pay back the loan early if they are able to do so, without incurring additional costs.
5) Business support: Along with providing funding, NPIF also offers business support to businesses that receive micro loans. This includes access to a network of mentors and advisors who can provide guidance and support to help businesses grow and succeed.
In conclusion, NPIF’s microfinance can offer small businesses in the North West of England access to capital, quick approval, and business support for a variety of funding needs. If you are a small business owner in the region and are looking for financing options to help your business grow, a micro loan from the NPIF may be worth considering.
For further information contact Sue Chambers at firstname.lastname@example.org