Small Private LoansMinor personal loans
Lending is available to individual, private and socially -owned businesses of the sizes of SMEs and micro-enterprises in the start-up and expansion phase of business creation. The EU defines such businesses as: Microenterprises are those with fewer than 10 staff and either an average of less than 2 million in sales per year or a maximum of 2 million euros in balances.
Small enterprises are those with fewer than 50 workers and an average of less than 10 million in sales or a maximum of 10 million euros in balances. An SME is a company with fewer than 250 workers and an average revenue of less than 50 million or a maximum of 43 million euros in assets.
The applicant companies must be established essentially in Northern Ireland and must prove that they have been refused financing by the private bankers. Up to £15,000 of loans are available to start-up companies, with the possibility of follow-up loans up to a ceiling of £50,000. Incumbents can request loans of up to GBP 50 k.
Claimants must clearly prove their capacity to repay the loans. Loans are usually uncollateralised and it is possible to obtain individual guarantee. mentoring assistance is provided when loans of less than £15,000 are taken out. Invest Northern Ireland invests 5 million in the NI Small Business Loan Fund, which was established as a Kommanditgesellschaft.
It disburses the loans within 5 years and the repayment and interest generated by the funds are used for further loans. They are managed as comercial funds and are therefore not a "soft" credit financing resource.