Economy Minister launches Viridian Growth Fund

“Venture capital is an essential ingredient in the promotion of enterprise in the Northern Ireland economy,” Sir Reg Empey, Minister for Enterprise, Trade and Investment has said.

The Minister was speaking at the official launch of the £10 million Viridian Growth Fund, a new venture capital fund that will provide finance for the development of existing and newly established businesses, especially in the high technology/IT sectors.

Highlighting the Viridian Growth Fund’s role in assisting the small and medium-sized business sector the Minister said: “In supporting the economy the government must meet the challenge of helping Northern Ireland SMEs to win an increasing share of international business in markets which are becoming more competitive and globally based.

“The Viridian Growth Fund, through focusing on the smaller end of the equity spectrum, will meet the needs of SMEs which are the backbone of the Northern Ireland economy.

“However the Viridian Growth Fund has also a further objective which is to encourage and create an enterprise culture in Northern Ireland, therefore reducing the region’s overall grant dependency.”

The Viridian Growth Fund is set provide finance in the form of loans on favourable terms and a small amount, up to 25 per cent of total investment, of equity or ordinary share capital.

However, the fund will not compete with existing sources of finance from the commercial and the venture capital sectors in Northern Ireland. (MB)