FUNDING FOR RECOVERY Invest Northern Ireland February 2014

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1 FUNDING FOR RECOVERY Invest Northern Ireland February 2014

2 Access to Finance Totality of Funds Purpose Rationale Access to Finance solutions Key criteria The Funds Finance vouchers Priorities Concluding remarks

3 Totality of Funds Fund of funds 160.2m NISPO II 23.6m Co-Fund NI 7.2m (45%) Development funds 30m Growth Loan Fund 25m Small Business Loan Fund 5m NISPO II (30%) Private 5.6m Co-Fund (55%) Private 8.8m Development funds (50%) Private 30m Loan Fund (50%) 25m Private No private match Total NISPO 29.2m Total Co-Fund 16m Total Development Funds 60m Total Growth Loan Fund 50m Total Small Business Loan Fund 5m

4 Purpose Why does government intervene in the provision of debt and equity funds? To promote economic development: Aligns to Programme for Government Building a Better Future - priority is Growing a Sustainable Economy and Investing in the Future Long term economic growth: - REBALANCE the economy - REBUILD the labour market To stimulate the growth of technology based, high growth SMEs in Northern Ireland in order to deliver increases in productivity, employment and competitiveness

5 Rationale EU context a general policy in favour of promoting venture capital reducing dependence on grants and debt finance UK public sector investment in funds grown since 2000 range of initiatives, more recently through the British Business Bank offering loan and equity products Government reports equity gap exists on the provision of venture capital in the range of 50,000 to 2 million

6 Rationale Objective: to have a world class knowledge based economy BUT starting from: GVA 77.4% of UK average Productivity 80% Competitiveness NI 9 th of 12 regions Coupled with Relatively high cost of making of small investments Appetite for risk for investing in SMEs diminished

7 Invest NI s Access to Finance Solutions Growth Loan Fund ( 50m) (DEBT/MEZZ) Small Business Loan Fund ( 5m) (DEBT) Co-Fund NI ( 16m) (EQUITY) Development Fund I ( 30m) (EQUITY) Development Fund II ( 30m) (EQUITY) NISPO Funds( 17m) (EQUITY & GRANT) Deal size Up to 250k 500k 2m Provides Risk Capital funding continuum - from start-up to development capital up to 2m

8 Key criteria Delivery is through externally appointed FCA approved fund managers Funds are operated on a commercial basis Economic benefits are our priority, but these are best delivered in a commercial context Invest NI sets the investment criteria All investment decisions are taken by the fund managers

9 Key criteria the companies Common themes Technology based/innovative Demonstrating high growth or with high growth potential Export oriented/global prospects Scalable

10 NISPO Funds NISPO Funds offering an ENTERPRISE ESCALATOR 14 million Invest NI investment Invest Growth Fund - 7million for seed and early stage investment; 50k to 250k, 5 years investment period; Private sector contributes 30% in any funding round; target of 35 2 million equity - 1 million each for QUB and UU seed, up to 200k investment; target of 5 investments each 5 million Proof of Concept Grants Fund, non university sector and complements university Proof of Concept scheme target of 243 Investment Readiness and Showcasing events, e.g, Million pound tour Anticipated to achieve KPIs by end of investment period

11 Conor Moran : CEO :

12 NISPO Funds NISPO II successor funds SME equity fund - 13m, deal size range 50k to 250k, target of 65 new investments over 5 years Two university funds - 1.5m each and a total target of 15 new investments POC Grant Fund - 7.6m, grants of up to 10k and up to 40k at 100% of third party costs, target 340 grant awards in 5 years Investment Awareness Programme not pitching, understanding investment Anticipate NISPO II fund management in place for April 2014

13 Co-Fund NI Based on the very successful Scottish Enterprise Co-investment fund model Co-invests alongside business angels and other private investors pari passu basis Private investors must be pre-qualified as sophisticated or high net worth Angels / private investors lead the deal and set the terms; must demonstrate a identifiable funding gap of no more than 45%. Encourages Halo development and accelerates development of syndication. Typical deal size between 250,000 and 450, million for investment from Invest NI, over 6 years, expected to achieve 16m including private leverage Excellent traction in the market

14 Development Funds Two funds of c. 30m each and launched October Crescent Capital III established fund manager in NI region - Bank of Ireland Kernel Capital Growth Fund new entrant and new investor in NI Deal size range 450k to 2million. For each Fund, target of investment in 20 companies in 5 years These funds complete the deal flow chain with a provision for equity from 50k (NISPO) to 2 million (development funds)

15 Growth Loan Fund Minimum loan size of 50k with an estimated 50 loans per annum; typically unsecured loans at higher interest rates terms commercially negotiated Target loan size of 50k- 500k to support SMEs with growth potential A 10 year project with lending over the first five years 50m funding is in place - 25m from Invest NI and 25m from the private sector. Operational from June 2012, meeting a real gap in the market

16

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18 Small Business Loan Fund Provision of loans of between 1,000 and 50,000 on a typically unsecured basis, at commercial interest rates Aimed at Micro, SMEs and social enterprises Start-ups are eligible to apply for up to 15k and mentoring support is also available Launched Feb 2013 and has been well received in the market

19 FINANCE VOUCHERS Finance Vouchers can be used towards the cost of using external consultants to help businesses prepare a funding proposal debt or equity not grant Small or medium sized business from either the manufacturing or tradable services sectors with growth potential can apply for a Finance Voucher The Finance Voucher initiative is managed and administered by Invest NI; monthly call for applications

20 Future Priorities Ensure that we provide a continuum of debt and equity funding for high growth potential businesses Ensure there are no gaps between investment periods Encourage co-investment with funds from outside Northern Ireland Seek approvals for additional funding should demand exceed supply (NISPO experience) Benchmark other regions and determine if there are lessons to be learnt.

21 Concluding remarks The full continuum is in place a first and to be repeated where there is a rationale for government intervention in debt and equity funds There is an overarching strategy for Venture Capital and Loan Funds The continuum is funding from 1,000 to 2million and is available for each stage in the development of a SME innovative competitive outward looking growth potential Further details of funds available at:

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