Growth loan fund ‘ready to invest in Newry’

Newry Times News Posted by
info@newrytimes.com
Tuesday, September 10th, 2013
Business, Community

Representatives from the Growth Loan Fund today announced that there was ‘great economic potential’ in Newry companies.

Finance for the £50m Growth Loan Fund – which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).

Members of the local business and advisory community were invited to a business briefing at the Canal Court Hotel to learn more about the work of the Growth Loan Fund and to understand how Newry firms can access the growth finance on offer.

Those present at the event heard from Paul Millar, Chief Investment Officer of WhiteRock Capital Partners, the manager of the Growth Loan Fund, as he outlined the options for companies that are seeking to access alternative forms of finance to take their businesses to the next level.

“I’ve had the opportunity to meet with many of the great local businesses from Newry and the surrounding areas. It’s filled me with confidence that we can generate a sustainable economic recovery. The Growth Loan Fund is another tool to help firms generate jobs and growth and we want to communicate that clearly across Northern Ireland.

“Speaking to local MLAs, I understand that there is a real appetite among the business community to grow and develop – we’re keen to support that.

“Finance from the Growth Loan Fund is complementary to existing forms of finance – we work in partnership with banks, trade finance institutions and other equity investors to help businesses create robust plans for export and sustainable growth.

Millar added, “I would invite those companies in the Newry area that are seeking finance for growth to get in touch and find out how we can help.”

Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth potential and generally be in the manufacturing, engineering or tradable services sectors. Loans will be typically unsecured and personal guarantees will not be sought.

The loans provided are expected to be complementary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five- year term.

For more information about the Growth Loan Fund’s criteria please contact info@whiterockcp.co.uk or go to www.growthloanfund.com


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