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Growth fund set up for SMEs
31/03/2008
One major bank is showing its confidence in Northern Ireland's small businesses by setting up a fund dedicated to providing money to promote growth.
Bank of Scotland (Ireland) is to establish a £350 million SME Expansion Fund, which will provide loans on an all-Ireland basis.
Spokesperson Hugh Donnelly said: "We see the SME sector as one with potential for growth and it is therefore an important market for the Bank of Scotland (Ireland) in Northern Ireland."
The fund excludes property and construction-related projects, and the minimum loan amount is £35,000.
As the credit crunch begins to bite, many commentators have expressed concern about the availability of capital to SMEs for funding expansion, and the establishment of a dedicated fund for the island therefore comes at a good time.
"We have a great track record in lending to business, big and small, in a wide variety of sectors; from retail to leisure and from professional services to manufacturing," Mr Donnelly stressed.
Contact us for legal advice
Bank of Scotland (Ireland) is to establish a £350 million SME Expansion Fund, which will provide loans on an all-Ireland basis.
Spokesperson Hugh Donnelly said: "We see the SME sector as one with potential for growth and it is therefore an important market for the Bank of Scotland (Ireland) in Northern Ireland."
The fund excludes property and construction-related projects, and the minimum loan amount is £35,000.
As the credit crunch begins to bite, many commentators have expressed concern about the availability of capital to SMEs for funding expansion, and the establishment of a dedicated fund for the island therefore comes at a good time.
"We have a great track record in lending to business, big and small, in a wide variety of sectors; from retail to leisure and from professional services to manufacturing," Mr Donnelly stressed.
Contact us for legal advice
