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01 August 2017

Post-Brexit funding vital for small businesses in Northern Ireland - FSB

RESPONDING to today’s announcement of the consultation, ‘Financing growth in innovative firms’, FSB Northern Ireland Policy Chair, Wilfred Mitchell OBE, said:

“The European Investment Fund has provided almost £500 million annually to support smaller British firms aspiring to grow and scale-up. More than half of FSB members believe that EU funding for access to finance should be prioritised and maintained post-Brexit. It is critical that this level of investment activity is replicated after the UK leaves the EU.

“Whatever model is adopted by Government, the British Business Bank (BBB), which already plays a leading role in promoting access to finance in the UK, should be at the heart of it. It will continue to play a key role as the UK looks to redefine how small businesses are provided the resources they need to invest, expand and scale-up

“FSB research, published earlier this year, suggests that small business engagement and signposting of available EU funding support for access to finance does not always work as effectively as it should. This will continue to be important as we transfer from EU-funded programmes to the post-Brexit alternatives that will need to be developed.”

“We will actively be reaching out to Government to ensure that they get this support right so that all small businesses, particularly in Northern Ireland, are aware of the finance options available to them and access the right investment at the right time.”

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