Belfast Telegraph

Thursday 17 April 2014

Scheme for start-up loans extended to Northern Ireland by Vince Cable

A government scheme for start-up and young businesses is being extended to Northern Ireland this month.

Start-Up Loans is a new £117m initiative that provides financial support in the form of a repayable loan and business mentoring.

The scheme has been extended by Business Secretary Vince Cable. In Northern Ireland it's open to all ages and is for growth projects as well as start-ups.

Jonathan Pfahl, managing director of Rockstar Group, which is administering the fund here, said that loans can be for a start-up or an existing business with a new project that needs funding.

"Entrepreneurs and business owners aged 18 and over can access an unsecured loan from £2,500 to £10,000," he said.

"They will also access a quality business mentor and also other support for their business. To date, the interest on the loan is at an average rate of 6% per annum."

Enterprise Minister Arlene Foster added: "This will encourage even more people from Northern Ireland to be entrepreneurial with access to finance, as well as professional mentors who can offer knowledge and expertise."