The funds are designed to help Small and Medium-Sized Enterprises (SMEs), through the current recession. The Minister’s call comes with news that the Ulster Bank offers support, which is equivalent to the £1billion Royal Bank of Scotland (RBS) manufacturing sector fund.
The Minister said: “The Ulster Bank operates an SME fund which supports all sectors, including the local manufacturing sector. Unlike funds offered by the RBS elsewhere in the UK, those offered in Northern Ireland are not sector-specific as these would be too restrictive at the regional level and could result in specific funds being underutilised.
“This is good news for small local firms, including those in the manufacturing sector. Many of these firms need ready access to capital and this will be welcomed by those who wish to build their businesses and prepare for the upturn in the economy.”
Mr Wilson, however, criticised recent comments from David McNarry MLA on the topic, which he described as ‘unhelpful’.
The Minister continued: “Mr McNarry recently claimed that local firms had missed out on the £1billion RBS fund. He appears to have done so in an attempt to score cheap political points at my expense.
“By commenting on the issue without getting his facts straight, Mr McNarry is not only displaying his own ignorance, he is also spreading misinformation that the Northern Ireland manufacturing sector has lost out in access to funding.
“This is, at best, unhelpful to local businesses and our banking sector, and may even act to undermine confidence in the NI economy at a time when it is emerging from a serious recession.
“I hope Mr McNarry will temper his outbursts in future and instead work with the rest of us to try to help the local economy through these difficult times.”
Notes to editors:
- The RBS £1Bn Manufacturing Fund was launched on 14 January 2010. It offers competitive fixed rate loans with the option to defer repayments for up to 3 years.
- Media enquiries only to DFP Communications Office on 028 9052 7374 or 028 9052 7375. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be return.
