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07/10/2013
Two New Equity Funds By Invest NI Announced
Enterprise Minister Arlene Foster has announced the creation of two new equity funds by Invest Northern Ireland as part of its Access to Finance portfolio.
The two venture capital funds, Crescent III and Bank of Ireland Kernel Capital Growth Fund (NI), have been designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15million of funding to each fund, which have the potential to invest over £48million in SMEs over the next five years.
Arlene Foster said: "These funds are part of a major Access to Finance initiative established by Invest NI to help to boost private sector growth, ensuring that companies with high growth potential are not held back because they cannot access finance. This brings the total funds supported by Invest NI to six, providing a continuum of funding worth over £140millon.
"Both funds are equity based and will operate for 10 years. Investments will support local innovative companies that have the potential to grow in global markets. They are valuable additions to the existing sources of funding for businesses in Northern Ireland.
"Invest NI's Access to Finance portfolio is making a real impact. At the end of the last financial year over £20million of investments had been made, helping over 180 businesses access the finance they needed to grow their business."
(CD)
The two venture capital funds, Crescent III and Bank of Ireland Kernel Capital Growth Fund (NI), have been designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15million of funding to each fund, which have the potential to invest over £48million in SMEs over the next five years.
Arlene Foster said: "These funds are part of a major Access to Finance initiative established by Invest NI to help to boost private sector growth, ensuring that companies with high growth potential are not held back because they cannot access finance. This brings the total funds supported by Invest NI to six, providing a continuum of funding worth over £140millon.
"Both funds are equity based and will operate for 10 years. Investments will support local innovative companies that have the potential to grow in global markets. They are valuable additions to the existing sources of funding for businesses in Northern Ireland.
"Invest NI's Access to Finance portfolio is making a real impact. At the end of the last financial year over £20million of investments had been made, helping over 180 businesses access the finance they needed to grow their business."
(CD)
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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.
