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07/10/2013
Invest NI Launches Two New Funds
Two new funds have been created by Invest NI as part of its Access to Finance portfolio.
The venture capital funds, Crescent III and Bank of Ireland Kernel Capital Growth Fund (NI), have been designed to help small and medium enterprises (SMEs) in Northern Ireland accelerate their growth.
Invest Northern Ireland has committed £15m to each fund, with the potential to invest over £48m in SMEs over the next five years.
Enterprise Minister Arlene Foster said: "These funds are part of a major Access to Finance initiative established by Invest NI to help to boost private sector growth, ensuring that companies with high growth potential are not held back because they cannot access finance. This brings the total funds supported by Invest NI to six, providing a continuum of funding worth over £140m.
"Both funds are equity based and will operate for 10 years. Investments will support local innovative companies that have the potential to grow in global markets. They are valuable additions to the existing sources of funding for businesses in Northern Ireland.
"Invest NI’s Access to Finance portfolio is making a real impact. At the end of the last financial year over £20million of investments had been made, helping over 180 businesses access the finance they needed to grow their business."
(IT/CD)
The venture capital funds, Crescent III and Bank of Ireland Kernel Capital Growth Fund (NI), have been designed to help small and medium enterprises (SMEs) in Northern Ireland accelerate their growth.
Invest Northern Ireland has committed £15m to each fund, with the potential to invest over £48m in SMEs over the next five years.
Enterprise Minister Arlene Foster said: "These funds are part of a major Access to Finance initiative established by Invest NI to help to boost private sector growth, ensuring that companies with high growth potential are not held back because they cannot access finance. This brings the total funds supported by Invest NI to six, providing a continuum of funding worth over £140m.
"Both funds are equity based and will operate for 10 years. Investments will support local innovative companies that have the potential to grow in global markets. They are valuable additions to the existing sources of funding for businesses in Northern Ireland.
"Invest NI’s Access to Finance portfolio is making a real impact. At the end of the last financial year over £20million of investments had been made, helping over 180 businesses access the finance they needed to grow their business."
(IT/CD)
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