Node Technologies connected with NPIF for six-figure loan Fibre optic solutions company Node Technologies has secured a £100,000 loan from NPIF – BFS & MSIF Microfinance, a product managed by GC Business Finance and part of the Northern Powerhouse Investment Fund (NPIF)
The Manchester-based firm provides an innovative solution for the provision of fibre optic broadband in multi-occupancy commercial buildings. By installing a secure ‘Node’ module into new or refitted premises, multiple internet service providers (ISPs) can connect fibre optic cables to their respective clients. Not only does Node allow tenants to negotiate individual terms with up to 24 ISPs, following a change in provider the module also immediately switches connection – eliminating the long waiting times that usually come with rewiring and installation of modems.
Node is fully operational in a number of flagship commercial office developments, including No 1 Spinningfields and Windmill Green in Manchester, and the system is being adopted by developers, landlords, and owners of large office buildings throughout the UK. So far, over 30 buildings worth a combined value of £1bn have signed up to use Node. One major reason behind the firm’s success is that its system enables landlords to market their buildings with a higher ’ wired score rating – key when digital connectivity is frequently seen as the third most important factor when searching for office space, only behind location and cost.
The £100,000 NPIF loan provided by GC Business Finance will help fund the firm’s growth capital requirements. With plans to ramp up sales across the country, Node Technologies had been looking for financial support following the successful launch of its flagship operation in Spinningfields. Columb O’Shea of GC Business Growth Hub’s Access 2 Finance service introduced the company to GC Business Finance.
Doug Ward Co-Founder at Node Technologies said: “Having demonstrated the usefulness of our product through the success of the Spinningfields and Windmill Green sites, it’s clear that there will be real desire for Node from landlords across the country. Our innovative solution to problems that many multi-occupancy buildings experience with internet connectivity and choice of provider make this technology a really exciting prospect that drastically improves efficiency and cost savings.
“Working with everyone at GC Business Finance and at NPIF has been fantastic. With the funding, we’ll be able to take Node Technologies to the next level and really step up the scale of operations. The £100,000 loan will not only enable us to expand our offerings but will also allow us to meet the current level of demand.”
Andy Nichols, Senior Loan Manager at GC Business Finance said: “Working with Node Technologies is an exciting prospect; the company has shown through limited initial release of its product that it is ready for expansion on a much larger scale, and we look forward to working with the firm to realise its potential. Internet connectivity and choice of ISP can be a major factor in productivity changes, and as such we see the sector and the new technology that Node has introduced as being vital to the economy of the country.”
Sue Barnard, Senior Manager at the British Business Bank said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We constantly look for firms that will benefit the economy of not only the North, but the entire country, and Node Technologies has the potential to do just that.”
Callum Brookes, MC2
0161 236 1352
About the Northern Powerhouse Investment Fund
● The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
● The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
● The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
● NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding.
● The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
● The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
● The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb