First Trust Bank Launch £50m Owner Managed Business Fund targeting NI businesses
First Trust Bank has announced details of a new £50m Owner Managed Business Fund. Targeting Northern Ireland businesses that are owned and managed locally it will help those seeking to borrow more than £250,000 to support their growth and expansion plans.
The latest fund compliments the current Business Support Fund launched in 2012. Together they are designed to provide viable NI businesses with funding at affordable rates, allowing them to invest and take advantage of new business opportunities. The new fund is open to both new and existing First Trust Bank customers.
In an effort to make the funding as attractive as possible, the Owner Managed Business Fund offers no arrangement fee (if drawn down within 60 days of offer) on top of a competitive discounted interest rate margin. As an additional incentive, new to Bank customers who utilise the fund and transfer their primary banking facilities will also benefit from 12 months fee free transactional banking.
Speaking about the purpose of the new fund Brian Gillan, Head of Business
Banking, First Trust Bank said:
“As early signs of economic recovery and green shoots emerge in the Northern Ireland economy, First Trust Bank is keen to play a central role in supporting local businesses prosper and help deliver sustainable economic growth. Whilst our previous Business Support Fund focussed on loans under £250,000, the new Owner Managed Business Fund is targeting larger businesses which need to borrow more. With both business funds now operating, First Trust Bank is well placed to provide competitively priced finance at the appropriate levels to allow customers to take advantage of new opportunities presented by the economic recovery.
“We have long been a supporter of the local SME and Owner Managed sector with customers drawn from a broad range of industries. Recognising the real engine of the local economy, we have deliberately focused our attention on this sector and tailored funding mechanisms and customer relationship processes to allow them to access capital and expand their businesses. The latest fund can be used for working capital, purchasing business premises, capital expenditure, or a new initiative. It offers our most
competitive rates ever and we would encourage anyone with a strong business proposition to speak with us about their future plans.”
To find out more about First Trust Bank’s Owner Managed Business Fund please visit: www.firsttrustbank.co.uk/business or call 0845 6005 925. Alternatively you can email the Bank at firstname.lastname@example.org