Growth loan fund offices open for business
Enterprise Minister Arlene Foster today opened the new offices of Whiterock Capital Partners LLP.
Whiterock Capital Partners is the appointed fund manager for the £50million Growth Loan Fund. The Fund was established with investment of £25million from both Invest Northern Ireland and Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC), and aims to invest £50million over the next 4-5 years.
Speaking at an event to mark the opening of the new offices Arlene Foster said: “Accessing finance to support business development is an ongoing challenge. In the current financial climate the potential of many of our SMEs to grow has been suppressed by a more conservative approach to lending.
“As we work to strengthen Northern Ireland’s economic recovery, it is important that inadequate access to finance does not continue to depress business confidence and hamper the ambitions of companies that have strong potential for growth, particularly in international markets.”
The Minister continued: “The Growth Loan Fund is just one of the practical actions that my Department, through Invest Northern Ireland, has taken to stimulate and encourage growth in these challenging economic times.
“The Fund has already made a number of significant loans and has a healthy number of enquiries from companies interested in benefiting from the Fund. I am confident that many additional SME businesses in Northern Ireland, who are crucial to creating a dynamic, innovative and export focussed economy, will benefit from investment from the Growth Loan Fund in the months and years ahead.”
Whiterock Capital Partners is a consortium of partners including Braveheart Investment Group, NEL Fund Managers and Clarendon Fund Managers.