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25/03/2013
NI Businesses To Receive Additional Funding
An additional £4m is to be given to two Invest Northern Ireland Access to Finance funds.
The extra investment will be for Northern Ireland Spin Out Funds (NISPO), Invest Growth and Proof of Concept.
The Invest Growth Fund is a £5m venture capital fund, which focuses on seed and early stage businesses with high growth potential, while the Invest NI Proof of Concept Fund is a £3m pre-commercial grant. It awards funding which enables small and medium enterprises, individuals and micro businesses to establish the commercial potential of a concept resulting from in-house research and ideas.
Each fund will be given an extra £2m.
Enterprise Minister Arlene Foster made the announcement, saying there was "a lot of demand for support" from new businesses.
Ms Foster said: "Both of these funds have received a lot of interest, with all the Proof of Concept grant funds invested ahead of schedule.
"It is clear there is a lot of demand for support so I am pleased to announce that Invest Northern Ireland will be providing a further £2m in each of these funds ensuring we are able to provide support and help to businesses at the early stage of development."
Invest NI will be providing grant support for a further £2m to both funds until March 2014.
(JP)
The extra investment will be for Northern Ireland Spin Out Funds (NISPO), Invest Growth and Proof of Concept.
The Invest Growth Fund is a £5m venture capital fund, which focuses on seed and early stage businesses with high growth potential, while the Invest NI Proof of Concept Fund is a £3m pre-commercial grant. It awards funding which enables small and medium enterprises, individuals and micro businesses to establish the commercial potential of a concept resulting from in-house research and ideas.
Each fund will be given an extra £2m.
Enterprise Minister Arlene Foster made the announcement, saying there was "a lot of demand for support" from new businesses.
Ms Foster said: "Both of these funds have received a lot of interest, with all the Proof of Concept grant funds invested ahead of schedule.
"It is clear there is a lot of demand for support so I am pleased to announce that Invest Northern Ireland will be providing a further £2m in each of these funds ensuring we are able to provide support and help to businesses at the early stage of development."
Invest NI will be providing grant support for a further £2m to both funds until March 2014.
(JP)
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