Growth Loan Fund II
Summary:
Growth Loan Fund II is a £30 million loan fund designed to support established SMEs seeking access to growth finance. Applicants will be NI-based with an export focus and demonstrate growth or strong growth potential. Loans are typically between £100,000 and £500,000.
Eligibility criteria:
- Must be an SME based in Northern Ireland which can demonstrate growth potential and generally be in the manufacturing, engineering or tradable services sectors with export potential.
- Companies must be able to demonstrate ability to service loan repayments from projected cashflows.
- Applicants cannot operate in the excluded sectors, such as coal mining, steel making, ship building, as defined by the EU Risk Capital guidelines or be a company in an insolvency process.
- Must have an identified funding gap in a proposed investment.
- Informal approaches over the telephone are welcomed to discuss the loan proposal, but in due course a business plan will be required to progress a loan application.
Additional information:
- Provide loans to established SME companies seeking access to growth finance. Whilst a positive trading history is desirable, where this is not evident businesses should be able to demonstrate a recent return to profitability with a clear plan to build on this.
- Loans will be provided between the range of £100k and £500k, but the fund has the ability to provide loans of up to £1.5m on a 2-7 year term. Payment terms can be tailored to suit the cashflow needs of the business.
- Pricing will depend on risk assessment of each company, plus an additional annual charge.
- Loans provided are expected to be complementary to existing sources of finance including banks, trade finance sources and equity investors.
The Growth Loan Fund II is a £30m fund backed by Invest NI through ERDF funding.
Support organisation:
- Whiterock Capital Partners
Phone:
028 9500 1060
Email:
info@whiterockcp.co.uk
Find out more:
Growth Loan Fund II
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