The Northern Ireland Executive (http://www.northernireland.gov.uk/) reports that its Small Business Loan Fund has provided “much-needed access to finance” — amounting to about £2.5 million — for more than 120 companies over the last two years.
The fund supports small businesses, sole traders and partnerships that find it hard to obtain funding through traditional sources.
Finance Minister Simon Hamilton said: “The fund has proven to be an effective way of helping people right across Northern Ireland to set up their own business or to expand an existing business.
"Small businesses are the life-blood of our economy, and it is only right that they are properly supported. I hope that many more businesses in the same position avail themselves of this opportunity.”
The Small Business Loan Fund is managed by Ulster Community Investment (UCI) on behalf of Invest Northern Ireland. UCI chief executive Harry McDaid said: “As managers of the fund, we are extremely keen to deliver support to a wide range of businesses across Northern Ireland.”
Meanwhile, Northern Ireland’s £50 million Growth Loan Fund saw its busiest period of lending in the last quarter of 2014 and has now approved more than 90 loans since its launch in 2012. During the quarter, the fund approved 12 loans totalling more than £6 million.