£250m in ‘crucial' funds announced for start-ups and small businesses
A NEW funding allocation of £250m has been announced to support start-ups and small businesses in Northern Ireland.
Economy Minister Dr Caoimhe Archibald has confirmed a new round of Access to Finance funding from Invest NI.
The portfolio of three funds includes £100m from Invest NI which is expected to attract over £150m in private sector funding.
As a result, a potential total investment of more than £250million will be made over the next 10 years, the minister said in a statement this week.
Pictured at the launch of the Access to Finance funding are (L-R) Kieran Donoghue, Invest NI CEO, Economy Minister Dr Caoimhe Archibald and Ian Maxwell, Invest NI Executive Director Finance
'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,' she explained.
'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: '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.'
More than 1,250 businesses across Northern Ireland have benefited from Invest NI's Access to Finance funds since their launch in 2011.
'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,' Invest NI CEO Kieran Donoghue said.
'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.'
He added: '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, which will be managed by FCA-approved fund managers who have responsibility for all investment decisions, include TechStart III - a £55million fund managed by TechStart Fund Managers, including a £7m Proof of Concept grant fund.
This fund is designed to help budding tech entrepreneurs commercialise their ideas.
The second fund is Co-Fund III - a £39m fund managed by Clarendon Fund Managers, which will invest alongside private investors and business angels.
The third fund is the 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.
See More: Funding, Invest NI, Northern Ireland, Small Businesses, Start-ups
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