Firms in Ballymena are being urged to consider a specialist loan fund for smaller businesses which has provided more than £6m in new loans since it was launched four years ago.
To date the NI Small Business Loan Fund (the Fund) is estimated to have helped create over 150 new jobs and additional sales of almost £30m.
The Fund is managed by Ulster Community Finance (UCF) - a subsidiary of the social finance organisation Ulster Community Investment Trust (UCIT) - on behalf of Invest NI and delivered in partnership with Enterprise NI. It was set up to provide access to finance for small businesses, sole traders and partnerships which are keen to develop their business, but find it difficult to access funding through traditional sources.
Harry McDaid, UCIT’s CEO said: “Northern Ireland needs to grow its own pool of successful indigenous companies and we’re confident that some of tomorrow’s star business performers will be beneficiaries of this Fund.”
William McCulla, Invest NI’s Director of Corporate Finance said: “We are delighted to have offered this support to a range of businesses across Northern Ireland in sectors including IT, Manufacturing, Hospitality, Tourism and Retail, which has helped to create jobs, bring new products to market and help company’s realise their growth ambitions.”
The Fund provides loans of up to £50,000 to start-ups, micro enterprises and small businesses.