When banks say no

Author

Sinead Magee
Jan 09, 2015

Our Small Business Loan Fund is helping local businesses get the finance they need when banks are unable to lend.

“The Small Business Loan Fund has been incredibly supportive in helping me kick start the business.”
Nuala Campbell, Managing Director, Titanic Creative Management

That means businesses can continue to trade when cashflow is tight, can invest in new equipment or premises, or can simply keep going and growing.

Two years into its five year lifespan the Fund is lending about £200,000 a month and has just passed the £2.5 million total.

That money translates into 120 small businesses that have been helped, and which otherwise may have stalled or even foundered through lack of funding.

Titanic Creative Management is the latest business to benefit from the loan fund. Read more about this here.

A loan also helped Declan McBride of So Popcorn. He used the money to invest in a new research and development programme to expand his product range and meet sharply increased consumer demand. So Popcorn was recently named as Enterprise Northern Ireland Start Up of the Year.

About the Small Business Loan Fund

The key point about the Small Business Loan Fund is that it will lend to applicants that have been unable to secure the funding they require from the private banking sector.

The loans:

  • range from £1,000 - £50,000
  • are typically unsecured
  • have interest rates ranging from 6-10%
  • are available to micro, small and medium-sized businesses

As with every loan there are terms and conditions. Find out more about the NI Small Business Loan Fund terms and conditions.

Invest NI's Access to Finance funds

The Small Business Loan Fund is managed by Ulster Community Investment Trust Ltd (UCI) on behalf of Invest NI and delivered in partnership with Enterprise Northern Ireland.

It is one of six funds totalling over £160 million that make up our Access to Finance initiative. These funds, a mix of loans and equity finance, are helping to fill the funding gap that has been created by a tightening of bank lending and changes to EU grant policy.

If you want to find out more about the Small Business Loan Fund email enquiry@nisblf.com or Tel 0800 988 2879

For information on other Access to Finance funds, call Invest NI on 0800 181 4422.

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