Question

To ask the Secretary of State for Business, Innovation and Skills, what assessment he made of the level of the support given by (a) the Northern Ireland Assembly and (b) other organisations in Northern Ireland for the British Business Bank; and if he will make a statement.

The Northern Ireland Executive and other organisations in Northern Ireland work closely with counterparts in the British Business Bank. The Bank is engaged on the Joint Ministerial Taskforce on Banking and Access to Finance between HM Government and the Northern Ireland Executive, most recently meeting on 15 October 2014; in February 2014, Invest NI hosted a Roadshow for the British Business Bank to promote its solutions to financial intermediaries; and in September 2014, the British Business Bank presented at an event hosted by the Federation of Small Businesses in Belfast which looked at how to harness the power of SMEs in Northern Ireland. The British Business Bank will also be hosting a road show in Northern Ireland in early 2015.

In Northern Ireland, the Business Bank works through delivery partners to deliver the Enterprise Finance Guarantee, the Investment Programme (including its predecessor Business Finance Partnership), and the Start Up Loans Programme. This activity complements the venture capital programmes run by Invest NI.

The Enterprise Finance Guarantee has unlocked more than £38 million of lending in Northern Ireland since its launch in 2009. Currently, the programme supports over 130 businesses with £13 million of loans.

The Investment Programme builds upon the success of the Business Finance Partnership, and is open to applications from finance providers in Northern Ireland. The combined Investment Programmes supported £2 million of lending to businesses in Northern Ireland between July and September 2014.

The British Business Bank has signed up four Start Up Loans providers which are active in Northern Ireland and are making progress in delivering the programme. The programme has now provided Start Up Loans worth nearly £900,000 in Northern Ireland.