Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, pursuant to the Answer of 13 March 2023 to Question 161242 on Small Businesses: Finance, if he will provide a breakdown of how the £70 million for a Northern Ireland Investment Fund is being allocated.

The £70 million Investment Fund for Northern Ireland is on course to be launched by the British Business Bank in autumn 2023. The fund will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment of up to £5 million, increasing the supply and diversity of early-stage finance for smaller businesses in Northern Ireland. The Bank is currently inviting proposals from potential fund managers to operate the new fund.

Finance will be allocated based on the commercial merits of the proposals received.