Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what allocations were made from the Regional Angels Programme in Northern Ireland in 2022.

The Regional Angels Programme, overseen by the British Business Bank, helps to reduce regional imbalances in access to early-stage equity finance for smaller businesses across the UK, including in Northern Ireland. In 2020, the Programme made a commitment of £10m to fund managers in Northern Ireland, which was to be invested over 2.5 years. Northern Ireland fund managers have invested £9.5m of capital funding from the Regional Angels Programme in to 55 companies in Northern Ireland to date. £5.1m of the £9.5m so far invested was made in 2022.

More broadly, I would also note that on 7 March 2023, the British Business Bank announced that it was on course to launch a £70 million investment fund for small businesses in Northern Ireland this Autumn. The fund will work to address an identified funding gap, offering a range of commercial finance options with loans from £25,000 to £2 million and equity investment of up to £5 million.