Belfast Telegraph

Northern Ireland fund lends £1m in nine months

From left, William McCulla of Invest NI, Barry Connolly from UCIT, David Gill of Clogher Valley Precision, and Michael Carlin, NI Small Business Loan Fund manager with Enterprise Northern Ireland
From left, William McCulla of Invest NI, Barry Connolly from UCIT, David Gill of Clogher Valley Precision, and Michael Carlin, NI Small Business Loan Fund manager with Enterprise Northern Ireland

By Staff Reporter

The latest Northern Ireland Small Business Loan Fund has approved support to business of over £1m in its first nine months.

It's the second iteration of the fund, which can lend up to £100,000 to small businesses, sole traders and partnerships.

The fund is managed by Ulster Community Finance on behalf of Invest NI and has potential to lend more than £9m over five years.

Clogher Valley Precision has borrowed from the second round of the fund, using a £50,000 loan to buy an automated machining tool.

Around 400 firms were supported by the first fund.

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