Invest NI opens £8m loans fund for small businesses

Support: Invest NI’s William McCulla ECONOMIC development agency Invest NI has launched its second small business loan fund.

The fund is aimed at providing loans of up to £100,000 to small businesses, sole traders and partnerships with plans to develop their businesses.

Start-up enterprises can obtain initial loans of up to £15,000.

Ulster Community Finance Ltd (UCF) has been appointed manager of the new fund.

William McCulla, Invest NI’s director of corporate finance, said: “The first Small Business Loan Fund made a significant contribution to small businesses in Northern Ireland, ensuring SMEs could access the type of finance needed to support their growth.

“Since it launched in 2013, the fund has supported almost 400 local businesses by providing over £7.5m in loans.

“The new NI Small Business Loan Fund will continue this success, providing much needed finance to businesses that find it difficult to access funding through traditional sources.

“With an increased loan level of £100,000, the new fund has the potential to lend over £8m to local SMEs, helping them to invest, grow and create jobs.”

Harry McDaid, head of Ulster Community Finance, said it was pleased to support the second small business loan fund, after many success for the first fund. “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 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’d encourage small businesses with a legitimate funding need to get in touch to see how we can support their ambitious business