Invest NI has committed a further £29.2 million to a fund aimed at helping small and medium businesses access finance.
The £70m Investment Fund for Northern Ireland (IFNI) offers commercial loans of up to £2m and equity investments of up to £5m.
Economy Minister Dr Caoimhe Archibald said the additional backing from Invest NI will increase the available debt financing in the fund.
“Access to finance is a crucial issue for many small and medium enterprises,” she said.
“This fund is the fourth fund in Invest NI’s ‘Access to Finance’ portfolio. The commitment of a further £29.2m from Invest NI means there is now a total of £280m available for investment in micro businesses and SMEs across four funds.
“This funding is much needed to support early-stage businesses and growing SMEs to have the best chance of success.”
Launched by the British Business Bank (BBB) two years ago, the IFNI debt fund is managed by Whiterock, while Clarendon Fund Managers look after the equity-investment arm.
The BBB said £30m from the £70m fund has been drawn down to date.
“As this fund is able to provide loans of up to £2m, it has real potential to have a positive impact on local businesses with ambitious growth plans," said Invest NI’s interim chief development officer, George McKinney.
“The success of our Access to Finance Programme has shown a need for us to provide debt and equity funds to address a gap in the market.”
