British Business Bank launches new £70m fund for small businesses in Northern Ireland

British Business Bank launches new £70m fund for small businesses in Northern Ireland
Dan Martin
Dan MartinDan Martin Content & Events

Posted: Thu 16th Nov 2023

Smaller businesses that have struggled to access finance are being targeted by a new £70m investment fund from the British Business Bank.

The Bank said a funding gap has been identified throughout Northern Ireland and the new scheme aims to increase the supply and diversity of early-stage finance for small firms.

Loans of between £25,000 and £2m are available, alongside equity investment of up to £5m. The finance is managed by local organisations Whiterock Capital Partners Clarendon Fund Managers.

Louis Taylor, chief executive of the British Business Bank said:

"We know Northern Ireland is home to some excellent business owners who have innovative and brilliant ideas. But we also know that accessing finance for some of these people can be a struggle and that this part of the UK has experienced a funding gap.

"The launch of the Investment Fund for Northern Ireland will help address these issues and create opportunities for businesses to start up and scale up.

"Getting outside Belfast and into more rural areas so there is a levelling up of finance opportunities is something which is very important to the British Business Bank.

"The Investment Fund for Northern Ireland can be a game changer for local smaller businesses who play such an important role for our economy through job creation and productivity."

The Investment Fund for Northern Ireland is the third of six funds being unveiled by the British Business Bank to even up regional disparities when it comes to accessing business finance.

It follows the launch of a £200m fund for businesses in South West England in July and a £150m scheme for Scottish businesses in October.

The British Business Bank will also launch a £150m fund for Wales later this year, while a £400m scheme for businesses in the Midlands and £660m for Northern England opens for applications in 2024.

The schemes were first announced by the then chancellor Rishi Sunak in his 2021 Autumn Budget.

Relevant Enterprise Nation resources

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Dan Martin
Dan MartinDan Martin Content & Events
I'm a freelance journalist and event host who helps small businesses and the organisations that support them. I'm also Enterprise Nation's news reporter and Bristol Local Leader. I have 20 years of experience as a small business journalist having interviewed hundreds of entrepreneurs from famous names like Sir Richard Branson and Deborah Meaden to the founders behind brand new start-ups. I've worked for a range of leading small business publications and support groups, most recently as head of content at Enterprise Nation where I was responsible for the prolific output of content on the company's blog and social media. I now freelance for Enterprise Nation as the website's news reporter and as the host of the Small Business sessions podcast. I'm based in Bristol where I run and host regular events with the local small business community in my role as Enterprise Nation's Local Leader for Bristol. I also have strong connections with other major business organisations in the south west region. In total, I've hosted over 100 events including conferences with an audience of hundreds for international brands like Xero and Facebook and live web chats from inside 10 Downing Street. With my partner, I co-run Lifestyle District, a lifestyle blog focused on culture, art, theatre and photography.

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