Small businesses in search of venture capital have been given a further boost after the Minister for Enterprise, Trade & Investment, Sir Reg Empey, formally opened the new offices of the Viridian Growth Fund, at Cromac Place, Belfast.

Speaking at the opening, Sir Reg said the new Fund would bring a new dynamic to the local economy and help plug the equity gap for small firms with growth potential.

He added: “The introduction of the new Fund is an overwhelming vote of confidence in the ability of our small business sector to be commercially successful. I hope the businesses who benefit from it will encourage more budding entrepreneurs to take the plunge and start turning their ideas into prosperity and jobs.

“I am convinced that Northern Ireland is entering a new and exciting phase of entrepreneurial development. The key to this will be the financial support that new and hungry entrepreneurs require.

“The Viridian Growth Fund will have a pivotal role to play in helping to create an environment in which such individuals can prosper and create new high value added jobs.”

The Viridian Growth Fund is a venture capital fund which will provide finance for the development of existing and newly established businesses, especially in the high technology/IT sectors.

The Fund will provide finance by way of loans and equity in the form of Ordinary Share Capital but will not compete with existing sources of finance from the commercial and venture capital sectors in Northern Ireland.

Commenting on the appointment of Paul Leonard as Chief Executive of Clarendon Fund Managers, which will manage the new Viridian Growth Fund, Chairman Alan Mawson said: “We are delighted to have attracted a candidate of Paul’s calibre to this position. We believe that his experience will greatly benefit the new Fund.”

The Viridian Growth Fund has been established to address the gap between £50,000 and £300,000 in the provision of equity investment for SMEs in Northern Ireland. It will also provide funding to companies capable of generating sustained growth in profitability, sales and employment. (MB)