ICC Bank has filled its eighth Business Expansion Scheme (BES) fund from existing investors in its previous funds.

The fund, which had an original target of £5 million, was due to open for public subscription today but ICC Bank has already raised £8 million from existing subscribers.

ICC has identified four investments which will account for about £3 million of the fund and is considering several other potential deals. The Dublin packaging company Alert will use £1 million in BES funds to consolidate its position in the Republic and boost exports to Britain.

Ballymount Precision Engineering is also to receive £1 million to aid its expansion plans which include a move to a new purpose built premises at the Western Industrial Estate in Dublin. About £500,000 is to be invested in Caranta, a subsidiary of Macroom Mills which produces animal feed stuffs, while the Co Laois quarrying and stone processors McKeon Stone is also to receive £500,000 from the ICC Bank fund.