An ‘Early Assessment Report’ has found that that the Investment Fund for Northern Ireland is helping to improve access to finance for local smaller businesses, supporting ambitious firms to grow, innovate and scale.
By September 2025, the Investment Fund for Northern Ireland had provided £28.2m of investment to 46 businesses, helping to address local finance gaps and increase the availability of funding for smaller businesses.
The evaluation, undertaken by independent research company SQW Ltd, found strong evidence that the fund is supporting companies that may otherwise have struggled to secure investment, while also attracting additional private sector finance into the region. To September 2025, the fund had leveraged £1.60 of private sector funding for every £1 invested by the Investment Fund for Northern Ireland.
The most recent data for September 2026 shows that the Investment Fund for Northern Ireland has now invested £44m across 75 deals, attracting an additional £62m of private sector investment.
The findings form part of SQW’s independent evaluation of the British Business Bank’s wider £1.6bn Nations and Regions Investment Funds programme, which found the programme is performing well across the UK.
By September 2025, the programme which includes six funds across England and the Devolved Nations had invested £294m, delivered across 951 investments to 877 businesses.
The funding is helping smaller businesses strengthen productivity, drive innovation and unlock growth.
In Northern Ireland, the Investment Fund is supporting businesses across a broad range of sectors. The wholesale and retail trade sector, as well as the manufacturing sector accounted for 11 firms supported respectively, followed by the accommodation and food service sector (7 firms).
For the Nations and Regions Investment Funds programme overall, the evaluation found strong evidence of finance additionality, with 81% of surveyed businesses reporting they would either have been unable to secure finance without the Nations and Regions Investment Funds or would have secured funding on a smaller scale or over a longer timeframe.
The evaluation found that businesses supported by the programme are already reporting positive outcomes, including improvements in productivity, innovation, workforce skills and growth.
It also found evidence that the programme is helping businesses build confidence in accessing external finance and supporting their future growth ambitions.
In Belfast, Profast Group received £500,000 investment to support their ambitious plans to become Ireland’s biggest distributor of fasteners, fixings and mechanical support systems.
Fasteners and fixings from Profast, which also has a base in Dublin, have been used in Belfast projects including the RISE sculpture on the Broadway roundabout, the National Football Stadium at Windsor Park, and Translink’s new Grand Central Station.
Investment Fund for Northern Ireland
The funding from the Investment Fund for Northern Ireland was facilitated by fund manager, Whiterock and was used to provide working capital and accelerate the growth of the business.
The company’s Chief Executive, Stephen Clarke, said: “When I joined Profast Group I had a clear ambition to lead the business into its next chapter, but I was unsure what support was available to help make that vision a reality.
“This funding has given us the means to realise that vision and build a strong platform for long-term growth. I would encourage anyone with similar ambitions to explore the support available from Whiterock and the Investment Fund for Northern Ireland.”
Adam Kelly, Managing Director of Debt & Regional Funds at the British Business Bank, said: “This independent evaluation highlights the important role the Investment Fund for Northern Ireland is playing in supporting smaller businesses here.
“The findings demonstrate how the fund is helping businesses access the finance they need to invest, innovate and grow, whilst also helping to attract additional private sector investment into the regional economy.
“While still at an early stage, it is encouraging to see strong evidence that the fund is supporting businesses that might otherwise struggle to secure finance and is helping create the conditions for long-term economic growth.”
The six Nations and Regions Investment Funds evaluated were the Northern Powerhouse Investment Fund II, Midlands Engine Investment Fund II, South West Investment Fund, Investment Fund for Scotland, Investment Fund for Wales and Investment Fund for Northern Ireland.
[1] Figures as at end March 2025
[2] Figures as at end March 2025, does not include Start Up Loans
