Economy Minister Dr Caoimhe Archibald has today launched a new round of Access to Finance funding from Invest NI, which is expected to unlock a potential total investment of more than £250 million over the next 10 years.

The portfolio comprises three funds, with Invest NI contributing £100 million, anticipated to attract over £150 million in private sector funding.

Launching the new round, Minister Archibald said: "In 2011, with many businesses struggling to access essential credit, Invest NI set up its Access to Finance Programme and it has safeguarded or created thousands of jobs. There is still a strong need for government intervention on this issue and so today we launch three new funds. This £100million public investment is expected to attract over £150million in private finance, potentially resulting in a total investment of more than £250million over the next 10 years."

She added that these funds will "particularly support start-ups and SMEs," describing access to finance for these businesses, which are the "backbone of our economy," as crucial.

Since their inception in 2011, Invest NI's Access to Finance funds have supported over 1,250 businesses across Northern Ireland, contributing to the creation and safeguarding of more than 5,000 jobs and generating over £500 million. Kieran Donoghue, CEO of Invest NI, commented: "Since 2011, our Access to Finance initiative has bridged a gap in private sector funding and provided much-needed support to SMEs in Northern Ireland. Because of these funds, SMEs, start-ups and entrepreneurs have been able to break into new local and global markets, drive innovation, and support business expansion."

Mr Donoghue highlighted that boosting business investment is a key objective in Invest NI’s three-year Business Strategy. "For this reason, we have committed £100million across three funds – two equity and one debt – to provide access to essential investment to help our local companies grow, export and innovate," he said. "The scale of this funding will positively impact our economy long into the future, enabling us to grow the sustainable, competitive economy that Northern Ireland deserves."

The funds operate on a commercial basis and are managed by FCA-approved fund managers who are responsible for all investment decisions.

The three funds are:

• TechStart III: A £55 million fund (including a £7 million Proof of Concept grant fund) managed by TechStart Fund Managers, aimed at helping tech-focused entrepreneurs commercialise innovative ideas.

• Co-Fund III: A £39 million fund managed by Clarendon Fund Managers, designed to invest alongside private investors and business angels.

• Small Business Loan Fund III: A £6 million fund managed by Ulster Community Finance, providing loans of between £10,000 and £125,000 for established micro-businesses and SMEs.