The UK government has introduced a £150 million initiative to assist ambitious companies in northern England, with financial support from the British Business Bank. This program is specifically designed for high-growth enterprises, including university-based startups, and will distribute grants ranging from £5 million to £15 million per recipient. Although the British Business Bank has already received the full allocation, no information has been made public regarding the application process.
Chancellor John Healey unveiled the scheme during a launch event for the Northern 500, a newly formed alliance of 500 mid-sized businesses operating in the region. This network seeks to strengthen partnerships among local business leaders, private investors, and government officials. The announcement comes as part of Healey’s strategy to double the number of unicorn firms in the UK.
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Industry responses to the fund have been mixed. Keith Griffiths, founder of The Entrepreneur Festival, expressed skepticism, stating that financial support alone will not guarantee growth if decision-makers overlook local business expertise. He warned that the initiative could inadvertently favor already-established companies while neglecting smaller, high-potential ventures. Griffiths also suggested that the Northern 500 network could serve as a valuable resource for improving funding decisions, provided that experienced entrepreneurs are actively involved in the selection process.
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