To ask His Majesty's Government what steps they are taking, if any, to ensure that the Investment Fund for Northern Ireland to be delivered by the British Business Bank is equally accessible to (1) existing, and (2) new, small businesses.
Answered on
5 July 2023
The fund managers of the Investment Fund for Northern Ireland will have a mandate to ensure equal access to the fund for all Northern Ireland businesses, both new and established, and to publicise the fund widely. Loans and investments will be based on the merits of the applications received.
New, small businesses might be less likely to have viable proposals for debt or equity finance than existing more established businesses. For these new businesses, the British Business Bank’s Start Up Loans programme may be more suitable. Since 2012, 1,625 Start Up Loans have been awarded in Northern Ireland with a total value of £14,254,228.