Firms Take Advantage Of GBP250m Business Loan Fund

Fri, 19 Jun 2009

Small and medium sized businesses in Northern Ireland have snapped up more than £100m worth of loans since a special fund was set up by the Ulster Bank just four months ago.

The £250m fund offers businesses a wide range of financial support, from unsecured small business loans of up to £25,000 at competitive rates to access to the Enterprise Finance Guarantee Scheme for companies looking to borrow between £1,000 and £1m.

It has helped create or secure hundreds of jobs at more than 250 firms in the country which have received much-needed support through the bank's SME fund .

Ulster Bank said the level of demand from companies was so high that it was on track to lend the remainder of the fund by the end of the year.

Henry Elvin, head of business banking in Northern Ireland at the bank, said: "We remain absolutely committed to working closely with our new and existing customers to help ensure the continued success of viable businesses ."

"Too date, lending through our £250m fund and its range of financial support initiatives has enabled many firms to continue trading successfully and has allowed others to capitalise on new opportunities to expand and grow."

He added: "In recent weeks we have seen applications for lending increase and therefore have many more applications currently under consideration."

"We are absolutely committed to ensuring the remainder of the fund is lent in the months ahead to help ensure many other viable local businesses are able to succeed into the future."
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