The loan fund will support SMEs in Northern Ireland with growth potential. Invest Northern Ireland has launched the Growth Loan Fund II, a £30m fund to support SMEs in Northern Ireland with growth potential.
The Fund is a successor to the Growth Loan Fund set up in 2012 which committed £55m to more than 100 businesses.
Finance for the Growth Loan Fund II is being provided by Invest Northern Ireland. The fund will be managed by WhiteRock Capital Partners.
“The Growth Loan Fund has been a very successful stream of finance, helping over 100 businesses bring forward growth plans and develop exports,” said William McCulla, Director of Corporate Finance at Invest NI.
“Growth Loan Fund II will build on this over the next five years, providing loans ranging from £100k-£500k for growing businesses with an export focus.”
Paul Millar, Chief Executive of WhiteRock Capital Partners, commented: “There have been a number of great success stories during the life of the Growth Loan Fund. For example, Vita Liberata, one of the first funding recipients, which was sold in a multi-million pound deal earlier this year.
“The appetite for funding remains strong and we are delighted to continue as the fund managers for Growth Loan Fund II. Never before has Northern Ireland been able to offer such an extensive range of alternative finance options. As before, we will continue to work alongside primary banks, equity partners and asset-based funders to support businesses to reach their growth ambitions.”