The British Business Bank (the UK Government-owned economic development bank) has committed £10.5 million to White Rock Capital Partners’ new Northern Ireland Growth Finance Fund.

Over the next four years, it will support loans ranging from £500,000 up to £2 million for established smaller — but growing — businesses, most of which are expected to be operating in the manufacturing, engineering or tradable-services sectors.

Funding is also being provided by Invest Northern Ireland (£7.5 million) and the Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC) (£12 million).

Patrick Magee, the British Business Bank’s CCO (www.british-business-bank.co.uk), said: “The British Business Bank has been supporting smaller businesses in Northern Ireland since it was founded in 2014, so we are delighted to be investing in this dedicated loan fund for Northern Ireland’s smaller businesses.

“It will further diversify the small-business finance market, creating more choices for businesses and helping to meet our objective of reducing regional imbalances across the UK.”

NILGOSC CEO David Murphy said: “Around the world, pension funds like NILGOSC are seeking out a diverse range of positive returns, including alternatives to the normal financial markets.

“We are delighted that this home-grown investment fund has arisen, and we look forward to working alongside British Business Bank and Invest NI.”