SMALL businesses in the north could benefit from loans of up to £100,000 from a newly launched government fund.
The second Northern Ireland Small Business Fund is now open and has the potential to lend over £8 million to local SMEs, helping them to invest, grow and create jobs. SMEs can benefit from an increased loan level of £100,000, while start-up enterprises can obtain loans of up to £15,000. Since it launched in 2013, the Small Business Fund has supported almost 400 local businesses by providing over £7.5m in loans.
The new fund, being managed by Ulster Community Finance Ltd (UCF) and is is part of Invest Northern Ireland’s Access to Finance portfolio.
UCF CEO, Harry McDaid said they are delighted to be appointed managers of the new fund.
"The first fund supported a wide range of businesses across Northern Ireland, providing scope for capital investment, new product development and geographic expansion. In the process, jobs were created and employment protected," he said.
“Companies such as Portadown based Iota used the fund to develop and manufacture its innovative negative pressure unit, aimed at contractors operating within the asbestos removal industry. The company is currently working to generate sales in Canada, New Zealand and Europe.
“Belfast based gym equipment manufacturer, Blk Box used their loan to create new jobs and expand from operating out of a garage to doing business on a global stage from its new headquarters in Belfast’s Titanic Quarter."
“I would encourage small businesses with a legitimate funding need to get in touch to see how we can support their ambitious business plans," Mr McDaid added.
