Access support schemes that could aid your business
In order to make it easy for local businesses to access support, the Department of Enterprise, Trade and Investment (DETI) has compiled a list of financial support schemes that have been made available to small and medium-sized enterprises in Northern Ireland.
The list of business support schemes provides a snapshot of the main European, UK and Northern Ireland schemes recently introduced as a direct response to the economic downturn. A list of these business support schemes can be viewed below:
Working Capital Scheme
Government provides Bank Guarantees covering 50 per cent of risk on new and existing working capital portfolios up to £20 billion total scheme. Businesses within the portfolio must have an annual turnover of less than £500 million.
Enterprise Finance Guarantee Scheme
Government will provide 75 per cent guarantee on individual loans made by participating banks to viable small and medium-sized enterprises (SMEs). The scheme is available to SMEs with an annual turnover of up to £25 million.
Capital for Enterprise Fund
A fund allowing companies to undertake business development by selling debt in exchange for an equity stake in the business. The fund provides equity and/or mezzanine finance of between £250,000 and £2 million for companies with viable business models and growth potential in need of long term capital. The fund is open to SMEs with a turnover of up to €50 million.
Accelerated Support Fund
Open to Invest NI clients only, this scheme enables client companies to avail of three to five days free diagnostic support delivered by specialist advisers. The fund is available for client companies to undertake projects up to the value of £100,000. Invest NI will contribute 50 per cent of the costs.
Short Term Aid Scheme
Provides eligible businesses with financial assistance to enable the retention of key staff and restructure for the future so they are ready to take advantage of the financial upturn.
Trade Credit Insurance Top-Up Scheme
Enables businesses with a trade credit insurance whole-turnover policy, that have seen a reduction in the value of their cover to a specific buyer, to purchase additional insurance. The scheme is open to businesses of all sizes and in all sectors trading in the UK, with a trade credit insurance whole-turnover policy.
European Investment Bank Loan Fund
This fund aims to help SMEs to secure funding. The fund can supply venture capital, in the form of equity investments, and also provide guarantees, to help financial institutions cover credit for SMEs.
Business Payment Support Service
This HM Revenue & Customs scheme offers help to businesses facing financial difficulties to spread tax payments over a timetable they can afford.
Ulster Bank Regional Fund for SMEs
These funds offer the opportunity to access options to help manage capital and cashflow through the current economic downturn. The fund offers unsecured small business loans up to £25,000. The funds are available to businesses with a turnover of less than £25 million. Businesses do not have to be a customer of Ulster Bank.
Download a list of available schemes from - http://www.detini.gov.uk/assistance_to_business_table_-_at_20_august_2009.pdf
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