Whiterock Finance provided a record £17m of support to NI businesses

The loans have been provided through two funds managed by Belfast-based Whiterock Finance, the Growth Loan Fund II and Growth Finance Fund, both of which are part of Invest NI’s Access to Finance portfolio.

Companies of all sizes and stages of development have availed of the finance, from a range of sectors, including advanced manufacturing, fintech, life and health sciences, digital, ICT and creative industries.

Finance for the £30m Growth Finance Fund – which can provide SMEs with loans up to £2m – is provided by the British Business Bank, Invest NI and private investors, the NI Local Government Officers’ Superannuation Committee (NILGOSC). The Growth Finance Fund has also hit the milestone of providing a total of £20m in funding to companies across the region since it was established in 2018.

Metcollect, a Lisburn-based company specialising in the recycling and processing of scrap cable, metals and garage waste was one of the most recent companies to benefit from the funds. After receiving a loan of £300,000 in 2019 from the Growth Loan Fund II to expand operations into the RoI, Metcollect was approved for a £500,000 from the Growth Finance Fund in 2021. The company plans to use the funds to further invest in its current premises and to expand into new markets of hazardous waste and garage services.

Paul Millar, CEO of Whiterock Finance, said: “After the difficulties of 2020, we started to see parts of the economy bounce back in 2021 and the demand for funding during the year was proof that NI continues to be full of ambitious, motivated companies who are committed to growth. We are proud to have provided £17m to 23 companies across the region to help them achieve their growth ambitions and realise their potential.

“The Growth Finance Fund has also reached the landmark of £20m of loans issued to companies, two thirds of the total fund available. With loans provided of up to £2m, the increased uptake in applications and finance provided is a sign that confidence is returning, and organisations are ready to invest in growth.”

William McCulla, director of Corporate Finance, Invest NI, explained: “It is really encouraging to see that £17m of loan funding has been provided to SMEs through Growth Loan Fund II and Growth Finance Fund during 2021. Support to these businesses, such as Metcollect, is expected to help drive growth in the Northern Ireland economy as part of the recovery following the impact of Covid-19.”

Sarah Newbould, senior investment manager, Regional Funding Team, British Business Bank, added: “As we emerge from the pandemic, it is encouraging to see that Whiterock Finance provided £17m of finance to support businesses in NI in 2021. One of our objectives at the British Business Bank is to reduce regional imbalances in access to finance across the UK and by supporting funds like Whiterock’s Growth Finance Fund, we can continue to help businesses to access the finance they need to grow and prosper.”

Finance for the £30m Growth Loan Fund II – which provides loans of up to £500,000 to established NI SMEs seeking to access growth finance – is provided by Invest NI, and part funded by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper whenever you are able to do so.

Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.

With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper when you can safely.

You can also enjoy unlimited access to the best news from across Northern Ireland and the UK by subscribing to newsletter.co.uk

With a digital subscription, you can read more than five articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.

Thank you