Enterprise NI Believes Entrepreneurial Surge For Loans Is Good News For Economy

According to Enterprise NI there has been a record number of borrowers receiving support from them during the course of the last 12 months. This surge for funds from the entrepreneurial-minded, says the company, can only be good news for the business sector and the economy.

Here are some of the figures from Enterprise NI, as copied from an article on the Belfast Telegraph website. It says that:

‘Borrowers received total support of £3m from Start-Up Loans and the NI Small Business Loan Fund over the latest financial year, according to business support body Enterprise NI.

‘It said 203 business people received Start-Up Loans to a value of nearly £2m. There were 49 loans worth a total of £1.79m given by the NI Small Business Loan Fund, which is aimed at established SMEs.

‘Enterprise NI said there was almost an even split between male and female across Start-Up Loans.

‘Women accounted for 94 of the 203 borrowers of Start-Up Loans, receiving £0.83m of the total £1.83m — a record for female participation in the fund.

‘But of the 49 small business loan borrowers, just 11 were female, receiving £0.3m of the £1.8m total.’

If a decent percentage of these new businesses succeed then this will certainly be a real boost to the economy here in Northern Ireland and a great testament to the entrepreneurial spirit which beats in the hearts of so many of us.

The Entrepreneurial Spark Has Returned To NI

Talking about the record number of loans in the same article in the Belfast Telegraph, Michael McQuillan, chief executive of Enterprise NI, said:

“It is fantastic news that records for both Start-Up Loans and NI Small Business Loan Funds have been set in the financial year 2023/24.

“As delivery partner, of both of these loan funds, we at Enterprise NI have been stating for some time that the entrepreneurial spark has returned to Northern Ireland and based on the strength and sheer number of applicants to both loan funds, it is encouraging to see the entrepreneurial surge being borne out in the numbers.

And talking of the narrowing gender gap he says:

“It is a testament to the work being done in all 27 of our local enterprise agencies as we work to ensure inclusive entrepreneurship support throughout NI.

“What these record numbers show is that more people than ever are starting businesses in Northern Ireland and taking an active role in the shaping of their local economy.

“Enterprise NI is proud to play a part in that and looks forward to partnering with the executive, councils, and other stakeholders to co-design the right supports that will allow NI to capitalise on the entrepreneurial spark these numbers attest to.”