Who is it for?
Individuals, private companies and social enterprises in the SME and micro enterprise size range, in the start-up and growth phases of development.
How does it work?
The NI Small Business Loan Fund (“the Fund”) will provide typically unsecured loans to individuals, private companies and social enterprises in the SME and micro enterprise size range, in the start-up and growth phases of development. Such enterprises are defined by the EU as:
- A micro enterprise is defined as an enterprise that has fewer than 10 employees and has either an annual turnover of less than €2million or a balance sheet total not exceeding €2million.
- A small enterprise is defined as an enterprise that has fewer than 50 employees and has either an annual turnover of less than €10million or a balance sheet total not exceeding €10million.
- A medium enterprise is defined as an enterprise that has fewer than 250 employees and has either an annual turnover of less than €50million or a balance sheet total not exceeding €43million.The Fund will help bridge a gap where other funding options have been exhausted. It will sit alongside other funding sources such as own funds, banks or credit unions.Loans to recipients will be in the range of £1k – £50k and may be high risk in nature, as traditional bank funding will not have been available or will have been fully exhausted.
Outcome
The applicant gains loan finance to invest in their business idea which they can pay back over an agreed period of time. Loans are to be used for business purposes only such as, purchase of fixed assets, working capital/cash flow or business start up/expansion costs.
For further information visit www.nisblf.com
Or Contact
Denise Murtagh
E: denise@dungannonenterprise.com
T: (028) 8772 3489
