New £250 million in funding to support small businesses in Northern Ireland

A funding allocation of £250 million has been launched to support start-ups and small businesses in Northern Ireland.

The portfolio of three funds includes £100 million from Invest NI and is expected to attract over £150m in private sector funding. As a result, a potential total investment of more than £250m will be made over the next 10 years.

First set up in 2011, Invest NI's Access to Finance funds have so far suppoted around 1,250 businesses.

Kieran Donoghue, CEO of Invest NI, said:

"Since 2011, our Access to Finance initiative has bridged a gap in private sector funding and provided much-needed support to SMEs in Northern Ireland. Because of these funds, SMEs, start-ups and entrepreneurs have been able to break into new local and global markets, drive innovation, and support business expansion.

"Boosting business investment is one of six key objectives in Invest NI's three-year business strategy. For this reason, we have committed £100m across three funds, two equity and one debt, to provide access to essential investment to help our local companies grow, export, and innovate."

The funds are:

• TechStart III: A £55m fund managed by TechStart Fund Managers, which include a £7m Proof of Concept grant fund. It helps budding technology entrepreneurs to commercialise their innovative ideas.

• Co-Fund III: A £39m fund, managed by Clarendon Fund Managers, that invests alongside private investors and business angels.

• Small Business Loan Fund III: A £6m fund, managed by Ulster Community Finance, providing loans of between £10,000 and £125,000 for established micro-businesses and SMEs.

Find more information on the funding here.