The British Business Bank is rolling out the Northern Powerhouse Investment Fund II (NPIF II), a £660m scheme aimed at driving North England's business growth.

This phase of the initiative is spread across the entire North East, with an emphasis on firms in a wide range of areas including Hartlepool, Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside and Sunderland.

The NPIF II builds on the success of the first fund which initiated £1 billion of direct and private sector investments.

The fund aims to encourage start-ups, help established firms scale-up, and aids businesses on their growth journey in the North.

Louis Taylor, chief executive of the British Business Bank, said: "The success of the first Northern Powerhouse Investment Fund has proven the instrumental change that access to finance can have for small businesses.

"From creating hundreds of jobs to developing ground-breaking products, we have seen companies that previously lacked funding options accelerate forward in their growth journeys, which has ultimately benefitted the whole of the Northern economy.

"With further funding available, and a greater geographical reach in the North East, the Northern Powerhouse Investment Fund II will engage more stakeholders across the regions, bringing the business community closer together to create more opportunities for entrepreneurs everywhere."