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Businesses take out £100m in loans

Business loans of over £100m have been taken out by a number of small to medium sized businesses in Northern Ireland since a fund was set up by the Ulster Bank just 4 months ago.

The move has contributed to the creation of securing of hundreds of jobs at more than 300 businesses which have been given help through the bank's £250m SME fund.

Infact with demand so high and applications under consideration, the bank said it was on course to lend the remainder of the fund by the end of 2009.

It also added that there had been a surge in demand in recent weeks.

The fund offers businesses a wide range of financial support and small business loans of up to £25,000 at competitive rates plus access to the Enterprise Finance Guarantee Scheme for loans of between £1,000 and £1m.

Ulster Bank's head of business banking in Northern Ireland, Henry Elvin, said: "We remain absolutely committed to working closely with our new and existing customers to help ensure the continued success of viable businesses."

"Too date, lending through our £250m fund and its range of financial support initiatives has enabled many firms to continue trading successfully and has allowed others to capitalise on new opportunities to expand and grow."

He added: "In recent weeks we have seen applications for lending increase and therefore have many more applications currently under consideration."

"We are absolutely committed to ensuring the remainder of the fund is lent in the months ahead to help ensure many other viable local businesses are able to succeed into the future."