Economy Minister Dr has launched a new round
of Access to Finance funding from Invest NI.
The portfolio of three funds includes £100million from Invest NI
and is expected to attract over £150million in private sector
funding. As a result, a potential total investment of more than
£250million will be made over the next 10 years.
Launching the new round of funding, 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.
“These funds will particularly support
start-ups and SMEs. As the backbone of our
economy, access to finance for these types of businesses is
crucial.”
Since Invest NI's Access to Finance funds were launched in 2011,
more than 1,250 businesses across the north have benefited, which
has helped to create and safeguard over 5,000 jobs, generating
more than £500million.
Kieran Donoghue, CEO of Invest NI, said: “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.
“Boosting business investment is one of six key objectives 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.
“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 have responsibility for all
investment decisions.
The funds are:
- TechStart III: a £55million fund managed by TechStart Fund
Managers, including a £7million Proof of Concept grant fund. It
will help budding tech focussed entrepreneurs commercialise their
innovative ideas.
- Co-Fund III: a £39million fund managed by Clarendon
Fund Managers. It will invest alongside private investors and
business angels.
- Small Business Loan Fund III: a £6million fund managed by
Ulster Community Finance which will provide loans of between
£10,000 and £125,000 for established micro-businesses and SMEs.
Access to Finance is open to any business in Northern Ireland
that meets the individual fund criteria. More information is
available on each fund at: http://www.investni.com/finance
