The Investment Fund for Northern Ireland is set to be launched this autumn in a bid to help the smaller businesses around the country thrive and grow. The Investment Fund is being launched by the British Business Bank and it is expected that there will be a total of £70 million invested in Northern Ireland. Similar investments by the bank will be launched in England, Scotland and Wales.
Offering Loans And Equity Investment
The fund will operate by offering loans to businesses and these could be anything between £25,000 and £2 million. They will also offer equity investment up to £5 million. These funds could be vital in driving forward smaller businesses and helping them become the successful ventures they deserve to be.
Ken Cooper, managing director, Venture Solutions, at the British Business Bank, is quoted in an article on the Insider Media website, saying:
“The new Investment Fund for Northern Ireland builds on the success of the Bank’s existing regional funds and is designed to increase the supply and diversity of finance available to smaller businesses in Northern Ireland.
Working Closely With The Local Small Business Finance Ecosystem
“The overall levels of equity investment and also private debt lending remain much lower than Northern Ireland’s share of the UK’s small business population. Hence we’ll be working closely with the local small business finance ecosystem to ensure the fund provides support to innovative, ambitious business owners across the country.”
He added: “Given the geographical spread of Northern Ireland’s smaller business population, connecting with entrepreneurs in some of the more rural and hard-to-reach areas will be an important focus of the fund.”
The article also points out that this investment fund follows ‘the success of the regional initiatives already being deployed by the British Business Bank through the Northern Powerhouse Investment Fund (NPIF), Midlands Engine Investment Fund (MEIF), Growth Finance Fund (NI) and Cornwall and the Isles of Scilly Investment Fund (CIoSIF).
‘Since the existing investment projects launched, the Bank has injected more than £629m into NPIF, MEIF, CIoSIF regions, and Northern Ireland.’
This is all good news for local businesses across Northern Ireland who may be able to benefit from this new initiative later in the year. Investment at the right time can make all the difference to a business that is looking to expand its products or services and increase sales. The more successful businesses Northern Ireland has the more prosperous it will become.