British Business Bank launches new £70m fund for small businesses in Northern Ireland
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Posted: Thu 16th Nov 2023
Smaller businesses that have struggled to access finance are being targeted by a new £70m investment fund from the British Business Bank.
The Bank said a funding gap has been identified throughout Northern Ireland and the new scheme aims to increase the supply and diversity of early-stage finance for small firms.
Loans of between £25,000 and £2m are available, alongside equity investment of up to £5m. The finance is managed by local organisations Whiterock Capital Partners Clarendon Fund Managers.
Louis Taylor, chief executive of the British Business Bank said:
"We know Northern Ireland is home to some excellent business owners who have innovative and brilliant ideas. But we also know that accessing finance for some of these people can be a struggle and that this part of the UK has experienced a funding gap.
"The launch of the Investment Fund for Northern Ireland will help address these issues and create opportunities for businesses to start up and scale up.
"Getting outside Belfast and into more rural areas so there is a levelling up of finance opportunities is something which is very important to the British Business Bank.
"The Investment Fund for Northern Ireland can be a game changer for local smaller businesses who play such an important role for our economy through job creation and productivity."
The Investment Fund for Northern Ireland is the third of six funds being unveiled by the British Business Bank to even up regional disparities when it comes to accessing business finance.
It follows the launch of a £200m fund for businesses in South West England in July and a £150m scheme for Scottish businesses in October.
The British Business Bank will also launch a £150m fund for Wales later this year, while a £400m scheme for businesses in the Midlands and £660m for Northern England opens for applications in 2024.
The schemes were first announced by the then chancellor Rishi Sunak in his 2021 Autumn Budget.
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