A £5 million fund that will provide loans to small businesses, individual traders and social enterprises has been launched in Northern Ireland.

The NI Small Business Loan Fund is part of Invest Northern Ireland’s Access to Finance Strategy, which aims to bridge the gap in funding available to small businesses in the start-up and growth phases of development.

The fund will be delivered by Ulster Community Investment plc, a community finance development organisation. Loans of £1,000-£50,000 are intended to sit alongside other funding sources.