Mercia has opened a new office in Hull to help Humber businesses access finance from the Northern Powerhouse Investment Fund (NPIF). Situated in the C4DI campus, the new office will provide a base for Mercia’s Humber team which includes Paul Arthur and Rebecca Pickering who deal with debt funding, and Maurice Disasi and Charlotte Scott who deal with equity investment.
Since the launch of NPIF five years ago, Mercia has provided more than £10.5m of funding to Humber-based businesses, including equity finance to building software specialist Bimsense and payment innovator Card Industry Professionals, and debt funding to contractor GW-Powersafe and energy broker River Business Services. The funding will continue to be available throughout 2023.
Will Clark, MD of Mercia’s regional venture funds, said: “Investment from the Northern Powerhouse Investment Fund has played an important role in supporting the growth of existing firms across the region and nurturing a new generation of start-ups and early-stage businesses. With funding still available throughout this year and the next, the new Hull office will help ensure that Humber firms make the most of it.”
Paul Taberner, MD of Mercia’s debt funds, added: “NPIF – Mercia Debt Finance helps to plug the funding gap between what banks and other funders will lend and the amount that a business may need to meet current challenges and support future growth. A key benefit is that instead of applying online, they can deal directly with a Mercia expert who understands their needs. The launch of the Hull office means that Humber businesses can have their very own investment manager in the heart of their region who will work with them to achieve their goals.”
Sean Hutchinson, Senior Investment Manager at British Business Bank, said: “With a recent round of appointments and now a new office space, the Mercia team is truly displaying its dedication to bringing investment opportunities to exciting businesses in Yorkshire and Humber. We know how important it is to bridge funding gaps in the North, and Mercia’s growth in the region is an important part of achieving this goal.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.