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Record amount of start-up and small business loans issued in Northern Ireland in 2023/24

Posted By:
Enterprise NI

18th Jun 2024

The financial year 2023/24 saw both record amounts disbursed and record numbers of borrowers funded by both Start Up Loans and the NI Small Business Loan Fund, new data released by Enterprise NI has revealed. 203 business people in Northern Ireland successfully accessed Start Up Loans to a value of almost £2 million, while the NI Small Business Loan Fund, designed as a next step for SMEs who have established themselves, saw 49 loans disbursed to a total of £1.79 million.

Enterprise NI data also shows an approaching gender equality within the lending of Start Up Loans. 94 of the 203 borrowers (46.3%) were female, with £829,940 of the total £1.83 million loaned (45.4%) was disbursed to female applicants, again marking a record high for female participation in the fund. 11 of the 49 NI Small Business Loan Fund borrowers (22.4%) were female, receiving £329,500 of the £1,785,253 (18.5%) total.

Mid Ulster businesses received the most support in both Start Up Loans and NI Small Business Loans, with 38 (18.7% of recipients) Start Up Loans worth £412,300 (22.5% of total funding disbursed) and 10 (20.4%) NI Small Business Loan Fund recipients receiving £447,253 (25.1%). Belfast businesses received the second highest number of loans in both categories, claiming 34 Start Up Loans (16.7%) worth £240,240 (13.1%) and nine NI Small Business Loan Fund loans (18.4%) worth £228,000 (12.8%).

Fermanagh and Omagh businesses claimed the third highest amount of Start Up Loans, 27 (13.3%) worth £230,000 (12.6%). Four council areas – Ards and North Down; Armagh City, Banbridge and Craigavon; Fermanagh and Omagh; and Newry, Mourne and Down – claimed the third highest number of NI Small Business Loan Fund disbursements, five (10.2%). Among these, Newry, Mourne and Down businesses received the highest cash amount, £265,000 (14.8%), an amount that places it above Belfast in second place in terms of value of loans disbursed.

Michael McQuillan, Chief Executive, Enterprise NI, said:

“It is fantastic news that records for both Start Up Loans and NI Small Business Loan Funds have been set in the financial year 2023/24. As delivery partner of both of these loan funds, we at Enterprise NI have been stating for some time that the entrepreneurial spark has returned to Northern Ireland and based off the strength and sheer number of applicants to both loan funds, it is encouraging to see the entrepreneurial surge being borne out in the numbers.

“The narrowing gender divide among borrowers is also very welcome news and is testament to the work being done in all 27 of our Local Enterprise Agencies as we work to ensure inclusive entrepreneurship support throughout Northern Ireland.

“What these record numbers show is that more people than ever are starting businesses in Northern Ireland and taking an active role in the shaping of their local economy. Enterprise NI is proud to play a part in that and looks forward to partnering with the Executive, Councils, and other stakeholders to codesign the right supports that will allow Northern Ireland to capitalise on the entrepreneurial spark these numbers attest to.”