BY Helen Kay | Monday 11 November 2024
J O’Neill & Co is one of the first businesses in the Humber to benefit from a British Business Bank NPIF II Smaller Loan since the launch of the £660 million fund in March 2024
A Humberside-based locksmith has secured £60,000 from NPIF II – BEF Smaller Loans, which is managed by Business Enterprise Fund (BEF) as part of the Northern Powerhouse Investment Fund II (NPIF II), and BEF’s CIEF2 fund backed by Lloyds Bank and Better Society Capital.
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The £60,000 funding will allow J O’Neill & Co, a long-standing family business in Hull, to expand its operations and continue its 80-year tradition of serving the local community.
"We’re delighted to support J O’Neill & Co through the NPIF II and CIEF2 funds. As a longstanding, family-run business with deep ties to the local community, they exemplify the kind of enterprise we’re committed to helping grow and thrive. This funding will not only enable them to invest in new equipment and expand their operations but also contribute to the creation of new jobs, further supporting economic growth in the region." Duane Walker , Investment Manager at BEF
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
