SMALL firms in Northern Ireland can tap into a new £10 million cash pot to help them realise their high-growth potential.
Beach Point Capital Management, a Los Angeles based multi-billion dollar investment manager specialising in credit-related investments, has been committed the money from British Business Investments.
And it says it will be supporting smaller businesses in the north with investments of between £2m and £5m.
The £10m for Northern Ireland is part of an initial £20m commitment by British Business Investments to Beach Point, with the remaining funds being used through its advisor network to support SMEs in Scotland and the north of England.
Through its office in Dublin, Beach Point has been supporting smaller businesses in the Republic, where it has launched two dedicated funds since 2018, both backed by the Ireland Strategic Investment Fund (ISIF).
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers.
Since it was established in 2014, British Business Investments has committed more than £3 billion to providers of finance to UK smaller businesses.
British Business Investments chief executive Judith Hartley said: “We're particularly pleased to support Beach Point Capital Management and their focus on supporting smaller businesses in Northern Ireland.
“We are committed to ensuring smaller businesses across the UK can access as diverse a range of finance options as possible, to help them grow and succeed.
“This commitment to Beach Point helps to diversify the finance market and targets investment at specific regions in the UK, unlocking growth for smaller businesses and reducing regional imbalances.’’
Shane Lanigan, portfolio manager at Beach Point Capital Management, added: “We have witnessed first-hand the success of high-growth founder-led SMEs in Northern Ireland, and we look forward to continuing our support for businesses in the region through non-dilutive, flexible capital solutions.
“These companies are vital to the region’s economy, and we’re proud to work with them to amplify their positive impact while delivering attractive potential returns for our investors, such as BBI, through thoughtfully structured investments in these growing companies.’’