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 is an innovative 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.
You can find out more about our products by visiting our services page, but here are the key features of our financing options for SMEs based in Northern Ireland:
- Northern Ireland unsecured business loans of £5,000 – £250,000
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Competitive interest rates starting from 0.9% per month
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
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.
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.
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.
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.
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 with a Fleximize loan
Fleximize has helped many businesses based in Northern Ireland to gain access to an unsecured loan for a variety of purposes. Whether you're looking to expand to new premises, renovate facilities, or purchase more stock, you could secure the business funding you require in as little as 24 hours.
To get started, complete this online application form with a few basic details. Providing you pass our initial checks, one of our friendly relationship managers will be in touch to help you complete the final stages of the process.