Additional funding in the region of a further £16 million is being made available to firms in Northern Ireland who have high growth potential in the not too distant future. Invest NI, together with the British Business Bank through its Regional Angels Programme, are providing this funding in a bid to help these businesses and give a boost to the economy in these trying times. The money will go to aid the Co-investment Fund (Co Fund) NI, managed by Clarendon Fund Managers. This is an excellent initiative and this extra cash could make a huge difference to firms looking to expand.
The Funding Will Help Various Businesses Across N Ireland
This funding is already helping various businesses across Northern Ireland with £2.5M invested across six early-stage and existing Co-Fund NI portfolio companies; Concept Apps, Sustain IQ, Respiratory Analytics, Cirdan Imaging, Axial3D and B-Secur.
Brian Cummings, the Investment Director of Clarendon Fund Managers, is quoted in a recent article on Business Live, saying: “As we approach our 20th year of investing in Northern Ireland’s high growth potential business community, we are delighted to build on Invest NI’s Co-Fund NI programme by welcoming BBI as a new investment partner,”
“This allows us to make more funding available to co-invest alongside business angels and other private investors providing companies with a strong mix of funding and expertise to accelerate businesses growth.”
Helping Provide Long Term Capital To Firms
And in the same article, Judith Hartley, CEO, British Business Investments, speaking about the Regional Angels Programme said:
“This £10m commitment to Co-Fund NI is the programme’s first commitment in Northern Ireland, and will help provide long-term capital to smaller businesses with high growth potential,” she said. “To date, British Business Investments has committed £65m through the Regional Angels Programme, providing early-stage capital to over 100 high-growth smaller businesses across the UK.”
Tragically Many Businesses Have Succumbed To The Effects Of The Pandemic
It isn`t just the firms with high growth potential that need help of course. There are very few businesses that have not suffered some issues over the past 12 months as the Covid-19 pandemic has affected all areas of the economy and society. Tragically many businesses have succumbed during this period here in Northern Ireland and become insolvent, but at least the various funding opportunities have helped many to stay afloat and we are now in a position to maybe see the finishing line where lockdown is concerned and look to the future.