Lender sets aside £40m for SMEs in Northern Ireland

The lender launched in Northern Ireland in April with a £300m pot of funding and has so far Capitalflow has advanced £45m in facilities to a wide range of SMEs as Northern Ireland continues to face economic challenges.

This dedicated fund for the transport industry is set to make a difference to the way local transport firms are financed, according to Marc Hawthorne, regional sales director of Capitalflow.

He said:

“We’re all waiting with bated breath to see what new trade agreements will be put in place. But there’s little doubt that cost structures and bureaucratic restrictions will change if not increase when it comes to moving goods in and out of the EU, which will, of course, impact trade between Northern Ireland and the Republic of Ireland and the border with Europe, which will particularly affect transport and distribution.

“The combination of Brexit and other challenges, such as skills shortages and environmental taxes, is creating a lot of pressure on the industry, with burdens on cash flow like never before.”

He added that Capitalflow recognises the vital role that the transport and distribution sector plays within the wider economy, noting: “That’s why we’ve decided to make this finance available to local hauliers and the distribution network in Northern Ireland. Capitalflow Commercial Finance offers funding for new and used vehicles along with equipment finance to support the sector. In addition, it offers working capital facilities by way of confidential invoice discounting with property and stock finance.”