Menu
11/02/2013
£5m Fund For NI Businesses
A new £5m fund has been launched to help small businesses in Northern Ireland.
The NI Small Business Loan Fund is part of Invest Northern Ireland’s Access to Finance Strategy.
Enterprise Minister Arlene Foster announced the fund, which will be delivered by Ulster Community Investment plc (UCI).
Arlene Foster said: "The fund will provide loans to individuals, private companies and social enterprises in the SME and micro enterprise size range. Northern Ireland is dominated by small and micro businesses with proportionately more small businesses relative to its population base than the rest of the UK.
"This new fund will help bridge the gap in funding available to small businesses across all sectors in the start-up and growth phases of development."
Loans will be in the range of £1,000 - £50,000 and will be higher risk in nature, as traditional bank funding will not have been available or will have been fully exhausted.
The loans will typically be unsecured and personal guarantees may be sought.
Applicants will need to clearly demonstrate their ability to service the loan repayments.
A maximum of £15,000 will be available to start-up enterprises, with the potential for follow-on lending up to a maximum of £50,000.
Seamus O’Prey, Chair of UCIT Ltd said: "We are delighted to have been appointed to manage the NI Small Business Loan Fund. The Fund will be investing over the next five years and we look forward to working with Invest NI in delivering what is a new and innovative product in Northern Ireland."
(IT)
The NI Small Business Loan Fund is part of Invest Northern Ireland’s Access to Finance Strategy.
Enterprise Minister Arlene Foster announced the fund, which will be delivered by Ulster Community Investment plc (UCI).
Arlene Foster said: "The fund will provide loans to individuals, private companies and social enterprises in the SME and micro enterprise size range. Northern Ireland is dominated by small and micro businesses with proportionately more small businesses relative to its population base than the rest of the UK.
"This new fund will help bridge the gap in funding available to small businesses across all sectors in the start-up and growth phases of development."
Loans will be in the range of £1,000 - £50,000 and will be higher risk in nature, as traditional bank funding will not have been available or will have been fully exhausted.
The loans will typically be unsecured and personal guarantees may be sought.
Applicants will need to clearly demonstrate their ability to service the loan repayments.
A maximum of £15,000 will be available to start-up enterprises, with the potential for follow-on lending up to a maximum of £50,000.
Seamus O’Prey, Chair of UCIT Ltd said: "We are delighted to have been appointed to manage the NI Small Business Loan Fund. The Fund will be investing over the next five years and we look forward to working with Invest NI in delivering what is a new and innovative product in Northern Ireland."
(IT)
Related Northern Ireland News Stories
Click here for the latest headlines.
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.
04 December 2023
New £7.5m Digital Transformation Fund Launches
A new £7.5 million fund has been announced to support small and micro businesses and social enterprises across Belfast and Northern Ireland to accelerate their digital transformation ambitions.
New £7.5m Digital Transformation Fund Launches
A new £7.5 million fund has been announced to support small and micro businesses and social enterprises across Belfast and Northern Ireland to accelerate their digital transformation ambitions.
22 November 2024
Mobile Gaming Trends in Northern Ireland
Mobile gaming has become an integral part of the entertainment landscape in Northern Ireland, encompassing everything from sports betting and online gambling to video games. As technology advances, particularly with the advent of 5G, the mobile gaming sector is poised for significant growth and transformation.
Mobile Gaming Trends in Northern Ireland
Mobile gaming has become an integral part of the entertainment landscape in Northern Ireland, encompassing everything from sports betting and online gambling to video games. As technology advances, particularly with the advent of 5G, the mobile gaming sector is poised for significant growth and transformation.
21 November 2024
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
21 November 2024
Work Underway For Free Hospital Parking In Northern Ireland
Work has begun at several hospital sites across Northern Ireland as part of the preparations for the introduction of free car parking in May 2026. Health and Social Care Trusts have been actively preparing for the implementation of a new traffic management system since the Hospital Parking Charges Act was passed in 2022.
Work Underway For Free Hospital Parking In Northern Ireland
Work has begun at several hospital sites across Northern Ireland as part of the preparations for the introduction of free car parking in May 2026. Health and Social Care Trusts have been actively preparing for the implementation of a new traffic management system since the Hospital Parking Charges Act was passed in 2022.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
