Northumberland County Council has launched the next stage of a new £20 million scheme to unlock business opportunities in the county.

Delivered as part of the ambitious new Northumberland Growth Fund, the Business Northumberland Investment Fund (BNIF) has been designed to address gaps in access to finance and unlock opportunities for businesses that might otherwise struggle to secure investment.

“It will support business growth, job creation, innovation and the attraction of further private sector investment into the county,” said Northumberland County Council.

“The Council has now launched the procurement process to appoint an experienced, FCA-authorised Fund Manager who will bring investment expertise to establish and manage the BNIF and play a vital role in supporting ambitious businesses across Northumberland.”

The Northumberland Growth Fund is a £110 million evergreen (recyclable) investment programme established by Northumberland County Council.

Councillor Richard Wearmouth, Cabinet Member for Business, Growth and Regeneration at Northumberland County Council, said: “Our new Northumberland Growth Fund demonstrates our commitment to creating long-term economic growth and opportunity across the county.

“We have ambitious businesses here, from innovative start-ups and scale-ups to established companies looking to invest and expand.

“The BNIF gives us the opportunity to back those ambitions with significant long-term investment, helping businesses create jobs, drive innovation and contribute to a stronger local economy.

“It will provide businesses with a new source of patient and flexible capital, helping them overcome barriers to growth and take advantage of the opportunities emerging across Northumberland.

“Importantly, this investment doesn’t end with the initial £20 million. As an evergreen fund, returns will be recycled into future opportunities, ensuring businesses continue to benefit from this investment for many years to come.”