Business in Our Area is one of the first to Receive a Northern Powerhouse Investment Fund Grant02 September 2017
A York based company is one of the first to receive a grant from the Northern Powerhouse Investment Fund (NPIF).
Power Body Nutrition Limited – a wholesale distributor of nutrition and sports supplements, has received £200,000 worth of debt funding. From NPIF –Enterprise Ventures Debt Finance, a product fund managed by Enterprise Ventures.
David Dickson, Chair of the Infrastructure Board for the York, North Yorkshire and East Riding Enterprise Partnership, said: “This is exactly the kind of business investment that our LEP is keen to support. The York, North Yorkshire and East Riding LEP region is home to some great businesses. We are there to support SME’s to grow through our business support programmes, and we believe the Growth Hub operating through the How’s Business structure will make it easier for ambitious, growing businesses to access appropriate support.”
The company is using the investment to purchase a new IT system and assist with stock buying as product demand from overseas continues to increase. They’re also looking to expand their range of products available to customers.
Since establishing in 2008, the Dunnington-based company has grown to be one of the UK’s leading suppliers to shops and gyms across Europe. They expanded to a larger premises last year and reported revenues increasing to over £12m in 2016.
Agata Milewska, Business Development Manager at Power Body Nutrition, said: “This new funding has presented us with an opportunity to transform our business and put it in a strong position for future growth. By expanding our product range, we can entice new customers with our services and grow our client base. We’re thankful to NPIF – Enterprise Ventures Debt Finance for this vital funding and we’re excited to see the progression of the business over the course of the facility.”
Managed by the British Business Bank, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 – £2m), to support Northern-based SMEs at all stages of their development.
For further information about the Northern Powerhouse Investment fund and if you think your business could benefit, you can get in touch with How’s Business – the LEP’s Growth Hub through their website, howsbusiness.org or by emailing [email protected]