Apply now for loans between £500,000 and £2million to boost business growth
The Growth Finance Fund is a £30million loan fund designed to support established SMEs seeking access to growth finance. It is part of Invest NI’s Access to Finance Strategy and loans are typically between £500,000 and £2million.
Loans will be provided on a flexible basis over a two to seven-year period. In addition, the fund will have the ability to provide capital and/or interest moratoriums and partial bullet repayments to align with the cash flows of the business.
The loans will typically be provided on an unsecured basis however second ranking charges or appropriate security may be sought where relevant.
Funding is complementary to existing sources of finance, including banks, trade finance and equity.
Eligibility criteria
- Applicants must be an SME based in Northern Ireland which can demonstrate growth potential and generally be in the manufacturing, engineering or tradable services sectors with export potential.
- Companies must be able to demonstrate the ability to service loan repayments from projected cashflows.
- Applicants cannot operate in the excluded sectors, such as coal mining, steel making, and shipbuilding, as defined by the EU Risk Capital guidelines or be a company in an insolvency process.
- Applicants must have an identified funding gap in a proposed investment.
- Informal approaches over the telephone are welcomed to discuss the loan proposal, but in due course, a business plan will be required to progress a loan application.
Find out more about the Growth Finance Fund
Source: nibusinessinfo
