Ulster Bank confirms over 100M of fund committed to SMEs
17th Jun 2009
Dozens of Northern Ireland's small firms have this week joined a growing list of local businesses with lending committed through Ulster Bank's 250 million fund to support small to medium-sized enterprises (SMEs).
The companies are among more than 250 businesses the bank has agreed to support through the fund to date, with over 100m committed since it was launched in February. Ulster Bank says that it also has a significant number of new applications under consideration and is on track to lend the remainder by the end of the year.
The fund offers businesses a wide range of financial support, including unsecured small business loans up to 25,000 at competitive rates, as well as access to the Enterprise Finance Guarantee Scheme (EFG), for borrowing between 1,000 and 1m.
Ulster Bank's head of business banking in Northern Ireland, Henry Elvin, says that the money already lent to small firms through the 250m fund has helped create or secure hundreds of jobs.
"We remain absolutely committed to working closely with our new and existing customers to help ensure the continued success of viable businesses. To date, lending through our 250 million fund and its range of financial support initiatives has enabled many firms to continue trading successfully and has allowed others to capitalise on new opportunities to expand and grow," he points out.
"In recent weeks we have seen applications for lending increase and therefore have many more applications currently under consideration. We are absolutely committed to ensuring that the remainder of the fund is lent in the months ahead to help ensure many other viable local businesses are able to succeed into the future," Mr Elvin adds.
One company that has recently benefited from lending through the 250m fund is Portadown-based company Dawson Manufacturing and Engineering Ltd, run by brothers Colin and Ian Dawson who have worked in the sector for over 20 years and set up their own business three years ago.
The company, which manufactures stainless steel and aluminium products, began trading from two portacabins and a shed near Dungannon in 2006. In August 2008, Ulster Bank supported the brothers to purchase a new 1.75 acre site at Charlestown Industrial Estate, Portadown. With the support of lending through Ulster Bank's 250m fund, the company has now invested a further 1 million to build a new 16,000 sq ft building.
Colin Dawson, Director of Dawson Manufacturing and Engineering Ltd says: "Ulster Bank support has enabled us to increase our development of new products and to research new markets, adding to our overall business strategy and future expansion plans".