Invest Northern Ireland proposes to establish a £5m Small Business Loan Fund to support SMEs and micro enterprises operating within the Northern Ireland region. The Fund will be established using a Limited Partnership structure with a ten year term (subject to extension in accordance with the Limited Partnership Agreement constituting the Limited Partnership). The Fund will aim to invest typically in the range of £1,000 to £50,000 and will target SMEs and micro enterprises in Northern Ireland only.
Invest NI has committed £5m to the Fund. With recycling of monies in the early years, the Fund is expected to lend c£9m in total. There are no private monies investing in the Fund.
The Fund Manager will be responsible for the establishment of a 10 year Limited Partnership (subject to extension in accordance with the Limited Partnership Agreement constituting the Limited Partnership) as the funding vehicle, and for investing and managing out investments.
The Fund Manager must have experience covering the lending cycle – identifying, making, managing and realising investments, and mentoring of borrowers. The Fund Manager must be fully authorised and regulated under the Financial Services and Markets Act (2000) to manage these activities (or undertake to have obtained such accreditation within six months of being awarded the contract). The Fund Manager must also possess the appropriate licences pursuant to the Consumer Credit Act (1974) or undertake to obtain such licences within three months of being awarded the contract.
Tender documents can be obtained electronically for registered users of Central Procurement Directorate’s e-sourcing system, e-sourcing NI. If you are not already registered to use e-sourcing NI and wish to obtain these documents please register at www.e-sourcingni.bravosolution.co.uk then follow the link to the current opportunities page. Under no circumstances will late tenders be considered, nor is CPD obliged to accept the lowest or any bid