Northern Ireland

Additional funding announced for new business schemes

Arlene Foster
Image caption Enterprise Minister Arlene Foster has announced an additional £4m for new businesses.

Enterprise Minister Arlene Foster has announced an extra £4m for two Invest Northern Ireland Access to Finance funds.

The additional investment is for the Northern Ireland Spin Out Funds (NISPO) - Invest Growth and Proof of Concept grant funds.

Ms Foster said there was "a lot of demand for support" from new businesses.

Each fund will be given an extra £2m.

Arlene Foster said: "Both of these funds have received a lot of interest, with all the Proof of Concept grant funds invested ahead of schedule.

"It is clear there is a lot of demand for support so I am pleased to announce that Invest Northern Ireland will be providing a further £2m in each of these funds ensuring we are able to provide support and help to businesses at the early stage of development."

Invest Growth Fund is a £5m venture capital fund, which is focussed on seed and early stage businesses with high growth potential.

The £3m Invest NI Proof of Concept Fund is a pre-commercial grant awarding fund which enables small and medium enterprises, individuals and micro businesses to establish the commercial potential of a concept resulting from in-house research and ideas.

Invest NI will be providing grant support for a further £2m to both funds until March 2014.

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