The British Business Bank has announced that in the two years since its launch the £70 million Investment Fund for Northern Ireland has directly invested £30 million into local firms.
In addition, these investments into smaller businesses on differing stages of their growth journey have crowded in co-investment of around £45 million, bringing the total investment level to over £75 million.
The success of the Investment Fund for Northern Ireland is now being bolstered as Economy Minister Dr Caoimhe Archibald announces that Invest NI is committing £29.2 million to increase available debt financing in the fund.
Dr Caoimhe Archibald, Minister for the Economy said: "Access to finance is a crucial issue for many small and medium enterprises. They are the backbone of our economy, delivering jobs and prosperity across the north and I am committed to supporting their formation and growth."
Mark Sterritt, senior director, British Business Bank, said: "The Investment Fund for Northern Ireland is playing a key role in increasing the supply and diversity of finance in every corner of the country. The additional funding from Invest NI is particularly welcome and with a strong pipeline of deals to come this finance will help the debt fund specifically as we continue supporting smaller businesses."