29/01/2015

Minister Praises Small Business Loan Fund

Finance Minister Simon Hamilton MLA has visited renewable energy business Coolsky Ltd in Newtownards, a local business supported by the NI Small Business Loan Fund.

The Fund provides access to finance for small businesses, sole traders and partnerships that find it difficult to secure funding through traditional sources.

Coolsky Ltd design and manufacture solar heating systems and renewable heating controls for both commercial and domestic use and received £15,000 from the Small Business Loan Fund in 2013 to purchase stock and assist working capital.

Speaking at Coolsky, the Minister said: "The Small Business Loan Fund has been a real success. It has provided much needed access to funds for more than 120 businesses, amounting to some £2.5million.

"This Newtownards business is testimony to the benefits of the Fund, which continues to attract strong interest and remains an important part of Invest NI's Access to Finance portfolio.

"The Fund has also proven to be an effective way of helping people right across Northern Ireland to set up their own business, or to expand an existing business as Coolsky has demonstrated.

"Small businesses are the lifeblood of our economy and it is only right that they are properly supported. I hope that many more businesses in the same position avail of this opportunity."

(CD/JP)

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