More than £237m has been invested by the Northern Powerhouse Investment Fund across over 1,000 deals since it was founded four years ago.
A total of 1,068 deals have been completed across the North over that time, with an additional £288m leveraged from the private sector.
The NPIF has also said that around 3,000 new jobs have been created in the area since 2017.
The NPIF was launched in 2017 by the British Business Bank using funding from the European Regional Development Fund (ERDF), the Government and the European Investment Bank.
Initially a £400m fund, the Chancellor committed an additional £100m to NPIF in 2020, making £500m available for investment.
Over the last four years, NPIF has worked closely with the North’s 10 local enterprise partnerships (LEPs), growth hubs, combined authorities and fund managers to support small and medium businesses across the North West, Yorkshire & Humber and Tees Valley regions.
NPIF funding options include microfinance between £25,000 and £100,000, debt finance between £100,000 and £750,000, and equity finance up to £2m.
Over the last year the NPIF's fund managers have provided Covid-related support, including NPIF loans backed by the government’s CBILS scheme, and access to the Government’s Future Fund.
Recent deals include Liverpool-based international chemical technology business, Chirochem and Additive Manufacturing Technologies (AMT), a Sheffield-based 3D print equipment company.
Roger Marsh, chair of the Leeds City Region Enterprise Partnership (LEP) and chair of the NPIF strategic oversight board, said: "I have seen first-hand the difference the Northern Powerhouse Investment Fund has made to the region’s economic development over the past four years.
"Alongside funds from the private sector, to date it has invested over half a billion pounds, backing innovative businesses to help create new jobs and level up the North.
"With support from institutions like the Northern Powerhouse Investment Fund, the North has the potential to take a leading role in the recovery and as the UK builds new trading relationships with the rest of the world."
Asif Hamid, chair of the Liverpool City Region Local Enterprise Partnership (LEP), added: "Small businesses are the backbone of our economy and the Northern Powerhouse Investment Fund has provided valuable support to our business community since its launch in 2017.
"By helping innovative and ambitious companies such as ChiroChem grow and invest NPIF has had a fantastic impact on unlocking business potential and creating jobs in the city region and I am delighted to welcome their four-year milestone.
"It is also good to see NPIF providing funding support for businesses in the region that have been impacted by the Covid-19 pandemic."
