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Enterprise support announced in Northern Ireland

Jul 03 2009

Northern Ireland has unveiled an £8 million package of initiatives to support start-ups and early-stage businesses.

Finance minister Sammy Wilson says that the Northern Ireland Spin Outs scheme's ability to fund innovation in small firms and build a strong enterprise culture is essential for economic recovery.

Wilson comments: 'Our universities and local companies have demonstrated that they can provide world-class research. Government must seek to help companies convert this research into commercial applications which can in turn help to build world-class companies.'

The package will include a £5 million venture capital fund which will offer investments of between £50,000 and £250,000 to start-ups and early-stage companies that can demonstrate potential for high growth levels, while a separate £3 million fund will provide financing to non-university enterprises.

This week, prime minister Gordon Brown unveiled a venture capital fund to support technology-based start-ups and small businesses, with the aim of raising £1 billion in finance over the next ten years.

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