Menu
24/03/2011
Enterprise Minister Welcomes New Venture Capital Fund
A major new venture capital initiative, established by Invest Northern Ireland, will help to boost private sector growth, Enterprise Minister Arlene Foster has announced.
The Minister was commenting on the introduction of two new sources of finance which will support young innovative companies to accelerate their development.
Arlene Foster said: "Many of our young innovative companies with high growth potential have historically experienced difficulty securing funding from other sources because, whilst they may potentially offer high rewards, they are viewed as high risk.
"The introduction of new potential funding sources, which will be a combination of public and private sector monies, will fill a gap in the local venture capital market and ensure that early stage companies do not suffer from lack of investment.
"As the existing Northern Ireland Spin Out find has shown, there is strong demand for financing in the £50,000 to £250,000 range locally. The introduction of a new Co-investment Fund, which will typically offer capital in the £250,000 to £450,000 range, and a Development Fund, which will operate in the £450,000 to £2 million deal size, will allow local companies to attract funding at a level appropriate to their needs."
As part of Invest NI's wider Access to Capital strategy, these various elements will become part of a Fund of Funds, which will be managed in a way that will allow recycling of funds, flexibility between different elements, and access to additional funding. It is intended that further elements, including a loan fund, may be added to this suite of funding in due course.
The Minister concluded: "Encouraging and supporting the growth of our private sector is a key aim of the Programme for Government. Our entrepreneurs need to be supported to grow their innovative companies to scale and compete successfully in global markets. The establishment of this substantial pool of funding will give them access to the capital required to do so."
(KMcA/GK)
The Minister was commenting on the introduction of two new sources of finance which will support young innovative companies to accelerate their development.
Arlene Foster said: "Many of our young innovative companies with high growth potential have historically experienced difficulty securing funding from other sources because, whilst they may potentially offer high rewards, they are viewed as high risk.
"The introduction of new potential funding sources, which will be a combination of public and private sector monies, will fill a gap in the local venture capital market and ensure that early stage companies do not suffer from lack of investment.
"As the existing Northern Ireland Spin Out find has shown, there is strong demand for financing in the £50,000 to £250,000 range locally. The introduction of a new Co-investment Fund, which will typically offer capital in the £250,000 to £450,000 range, and a Development Fund, which will operate in the £450,000 to £2 million deal size, will allow local companies to attract funding at a level appropriate to their needs."
As part of Invest NI's wider Access to Capital strategy, these various elements will become part of a Fund of Funds, which will be managed in a way that will allow recycling of funds, flexibility between different elements, and access to additional funding. It is intended that further elements, including a loan fund, may be added to this suite of funding in due course.
The Minister concluded: "Encouraging and supporting the growth of our private sector is a key aim of the Programme for Government. Our entrepreneurs need to be supported to grow their innovative companies to scale and compete successfully in global markets. The establishment of this substantial pool of funding will give them access to the capital required to do so."
(KMcA/GK)
Related Northern Ireland News Stories
Click here for the latest headlines.
29 July 2011
Community Development Expands In Omagh
A community building in Co Tyrone that received almost £300,000 from the Department of Social Development (DSD) Modernisation Fund Capital Programme is to significantly increase capacity and facilities for its 13 partner organisations.
Community Development Expands In Omagh
A community building in Co Tyrone that received almost £300,000 from the Department of Social Development (DSD) Modernisation Fund Capital Programme is to significantly increase capacity and facilities for its 13 partner organisations.
31 May 2005
£22.5M venture capital fund launched
A new £22.5 million venture capital fund for business development in Northern Ireland has been announced today. Belfast-based Crescent Capital has just completed raising investment for the new fund - known as Crescent Capital II - which will be the largest local source of venture capital available to companies in Northern Ireland.
£22.5M venture capital fund launched
A new £22.5 million venture capital fund for business development in Northern Ireland has been announced today. Belfast-based Crescent Capital has just completed raising investment for the new fund - known as Crescent Capital II - which will be the largest local source of venture capital available to companies in Northern Ireland.
18 April 2002
Dodds announces extra help for “most needy" in society
The Minister for Social Development, Nigel Dodds, has announced a further £1.73 million cash injection for the Northern Ireland Social fund. The increase brings the Social Fund, which helps the most needy people in society up to a total to £51 million for the next year.
Dodds announces extra help for “most needy" in society
The Minister for Social Development, Nigel Dodds, has announced a further £1.73 million cash injection for the Northern Ireland Social fund. The increase brings the Social Fund, which helps the most needy people in society up to a total to £51 million for the next year.
17 September 2021
New Sports Capital Works Fund Announced
A new £700,000 fund has been established to help the sports sector improve their physical sports infrastructure to support increased delivery of inclusive, safe and sustained participation in sport and physical activity.
New Sports Capital Works Fund Announced
A new £700,000 fund has been established to help the sports sector improve their physical sports infrastructure to support increased delivery of inclusive, safe and sustained participation in sport and physical activity.
17 November 2020
Over 420 Voluntary And Community Projects Benefit From £1.36m Fund
Over 420 voluntary and community group projects have benefited from grants totalling £1.36 million, through the Department for Communities 2020/21 Small Capital Grants Programme.
Over 420 Voluntary And Community Projects Benefit From £1.36m Fund
Over 420 voluntary and community group projects have benefited from grants totalling £1.36 million, through the Department for Communities 2020/21 Small Capital Grants Programme.
-
Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
