LONDON - The British Business Bank has announced the creation of a new £70 million investment fund aimed at bolstering small businesses and start-ups in Northern Ireland, as part of its wider £1.6 billion initiative to support UK enterprises. This strategic move is intended to help alleviate regional disparities in funding, particularly addressing the challenges faced by early-stage companies.
The launch comes at a time when Northern Ireland is navigating through political turbulence, with the Democratic Unionist Party (DUP) engaging in a boycott over post-Brexit trade arrangements. Despite these challenges, Louis Taylor, CEO of the British Business Bank, expressed confidence in the region's investment potential. His optimism is bolstered by the positive developments from the Windsor Framework agreement and a recent investment summit that has seemingly improved prospects for Northern Ireland.
Taylor highlighted that establishing a fully operational executive would further improve the investment climate and boost international investor confidence in the region. The new fund is expected to foster what Taylor refers to as a "virtuous circle" of investment, enhancing the area's appeal to global financiers.
The management of the fund will be undertaken by two local entities, Whiterock Capital Partners and Clarendon Fund Managers. They will be responsible for deploying the capital through loans and equity stakes, aiming to stimulate economic growth beyond the well-established "golden triangle" of London, Oxford, and Cambridge.
To engage with stakeholders and spread awareness about this new funding opportunity, the British Business Bank has planned a series of roadshows across Northern Ireland set for the new year. These events are anticipated to provide further details on how businesses can tap into this resource as they strive for growth and development amidst a challenging economic landscape.
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