Fund launched to help SMEs in Northern Ireland

A new £5million 'NI Small Business Loan Fund' has been confirmed to help SMEs in Northern Ireland with financing, with Enterprise Minister Arlene Foster saying the fund will "help bridge the gap in funding available to small businesses across all sectors in the start-up and growth phases of development."

The fund forms part of Invest Northern Ireland's Access to Finance Strategy and will involve business loans ranging from £1,000 to £50,000, available to individuals, private companies and social enterprises. Start-up companies will be able to get a maximum loan of £15,000, though may have the option to borrow more further down the line. Personal guarantees are likely to be sought as the loans will almost all be unsecured, so applicants will be required to show that they are in position to repay the loan if they are to be successful in their application.

Announcing the fund, Arlene Foster commented that "Northern Ireland is dominated by small and micro businesses with proportionately more small businesses relative to its population base than the rest of the UK."

If you own or run a company in Northern Ireland and require legal advice in respect of a company law matter, including employment law issues, debt recovery, or other matters, contact one of the commercial solicitors at Wilson Nesbitt in Belfast for information and advice by calling 0800 840 9295.