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:
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.