Investment Fund for Northern Ireland
The question
To ask the Secretary of State for Business and Trade, with reference to the British Business Bank's press release entitled British Business Bank launches £70million investment fund for Northern Ireland, published on 16 November 2023, if he will publish the criteria to determine whether the Investment Fund for Northern Ireland is successful.
Answered by Gareth Thomas
The Investment Fund for Northern Ireland aims to tackle an identified funding gap by increasing the supply and diversity of early-stage finance for smaller businesses in Northern Ireland. The criteria for success includes number of investments, overall deployment of capital, amount of private sector capital leveraged, geographical spread of investments, ensuring distribution across the whole of Northern Ireland, and providing funds to firms that might not otherwise receive investment.
In addition, an interim evaluation of the fund will be commissioned during the first five years of the Fund’s operation, and we expect it to assess the gross value added, turnover growth rates, and finance additionality.
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