Scaboodle gets funding to move into America
SCABOODLE has received support from Invest NI and last week a cash injection from the Growth Loan Fund was also announced.
While the exact sum from the Growth Loan Fund has not been disclosed, Scaboodle has received "substantial" support to help it expand its staff and help realise its plans to export to North America.
The fund was set up to provide 'mezzanine' finance to well-established small to medium sized business, and the actual cash in the fund has been provided by Invest NI and private investor, the Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC).
The fund is administered by WhiteRock Capital Partners LLP, whose chief investment officer Paul Millar said: "Scaboodle is a great example of a creative and straightforward value-proposition – using technology to carve out a niche in a global market."
The Growth Loan Fund has now approved loans of over £9.8m to 38 businesses in the province.
Now a separate fund set up to help small businesses has announced a loan of £50,000 to Belfast-based Teamwear Ireland, which sells branded sports clothing and equipment.
It has now expanded with a second site in Dublin and plans to develop a new basketball sportswear brand.
Funding for the £5m fund is provided by Invest NI and is managed by UCI, a subsidiary of social finance organisation Ulster Community Investment Trust (UCIT).
UCIT chief executive Harry McDaid said: "UCIT has a proud history of providing lending support to a wide range of community, voluntary and social enterprise clients across Northern Ireland, enabling them to enable themselves.
"As managers of the NI Small Business Loan Fund we are extremely keen to deliver support to a wide range of businesses across Northern Ireland. Teamwear Ireland has a well-planned and sustainable business model, it is a differentiated business, it has a strong management team and we are pleased to be working with them to help develop new revenue streams, markets and product lines."