According to The Federation of Small Businesses (FSB), small businesses account for around 99% of all businesses in Northern Ireland, with SMEs employing more people in the country than large companies and the public sector combined.
With SMEs playing such a crucial role in the Northern Irish economy, and an abundance of talent and skills available, it is easy to see why Northern Ireland, and in particular Belfast, has become a rapidly growing centre of innovation in sectors such as technology, engineering and financial services. In particular, the fintech industry in Northern Ireland is thriving, with many peer-to-peer lenders based in the capital.
Small business loans in Northern Ireland
There are a number of finance companies in Belfast, Northern Ireland and all around the UK, with products designed to help businesses looking for funding to grow. To help SMEs and startups in Northern Ireland find that all important capital, here’s a list of alternative sources of business funding;
Fleximize – Fleximize is an innovate alternative lender offering flexible business loans on an unsecured basis of between £5,000 and £250,000 – repayable over one month to 48 months. Fleximize's relationship managers work closely with clients to create funding packages that are tailored to the unique needs of their businesses. The online application process only takes a few minutes, and money can be deposited in as little as 48 hours.
Enterprise NI - SMEs in Northern Ireland may be eligible for startup loans of up to £25,000 over 1-5 years, provided by Northern-Ireland Startup Loans. Businesses will also have access to 15 hours of mentoring support.
NI Small Business Loan Fund – Loans from £10,000 to £100,000 are available to small businesses in Northern Ireland over a term of 1-5 years. This fund is part of Invest NI's Access to Finance Strategy and is delivered in partnership with Ulster Community Investment Trust and Enterprise Northern Ireland Ltd.
Growth Finance Fund – Profitable SMEs in Northern Ireland in manufacturing, engineering or tradable services with export potential can apply for loans between £500k and £2 million per transaction, on a 2-7 year term. Interest rates range between 6-14%, plus an additional annual charge and loans are expected to be complementary to other sources of finance such as a bank loan, trade finance or equity investment. This finance option is managed by WhiteRock Capital Partners.
Growth Loan Fund - Another finance option managed by WhiteRock Capital Partners, this product is available to established SMEs in Northern Ireland who can prove they are struggling to secure traditional forms of growth finance. A positive trading history is desirable, but businesses without one are welcome to apply if they can show a recent return to profitability. Loans amounts range from £100k ato £1.5m per transaction, on a 2-7 year term.
Transmit Start-ups - Another Start Up Loans provider, Transmit Start-ups allow businesses who have been established for 24 months or less to borrow up to £25,000 for a loan term of 1-5 years. There are no early repayment fees or application fees. Businesses who are successful will also have access to free business planning support and mentoring for 12 months.
You can take a look at the full list of Start Up Loans delivery partners in Northern Ireland here.
Fund your business today with a Fleximize business loan
Fleximize has a wealth of lending experience. Our relationship managers can guide you through our range of flexible business loans, and help find the right unsecured finance option for your small business.
Call us today on 020 7100 0110, or click Apply Now to find out how much you could borrow.