LANCASHIRE businesses have seen a milestone of over £30 million’s worth of investments made over the past three years, according to the latest figures released by the Northern Powerhouse Investment Fund.

The fund was launched in 2017 and since then has delivered investment to 57 small and medium sized businesses across the county.

Loans have ranged from £25,000 to highs of £2 million and have been made to businesses as diverse as Skelmersdale-based manufacturer of connected electrical solutions, Extreme Low Energy, Eco Off Grid Leisure Kits, which provide individuals with lighting, heating and power in remote locations and many more.

Lancashire Enterprise Partnership chair Steve Fogg said: “It is fantastic that nearly 60 of Lancashire's SMEs have taken advantage of the Northern Powerhouse Investment Fund to help grow or adapt their business through expansion or by capitalising on diversification opportunities.

“Lancashire has a strong heritage in identifying and applying innovative approaches to satisfy the needs of their markets.

“The resilience shown by some of our businesses during these extremely challenging times has been phenomenal and is attributable to a strong entrepreneurial and creative flair which is evident throughout the county.”

Of the total investment, over £14m has been invested directly by the Northern Powerhouse Partnership, with almost £19m leveraged from the private sector.

The investment has been delivered with the help of the British Business Bank and has included equity, debt finance and microfinance loans.

Director Grant Peggie said: “Lancashire has a thriving, innovative business community, with hotspots emerging all over the county.

“We are proud to work with Lancashire LEP and County Council and our Fund Managers to support Lancashire’s small businesses as they continue to grow, despite the challenges of this year.

“The number of small businesses in Lancashire that have responded flexibly to the pandemic and continue to grow is testament to Lancashire’s tenacity, agility and innovative thinking.”