Money 'available for city's businesses'

This is what attendees at a recent Derry City Council 'Finance for the Upturn' event were told - in addition to the fact that finance was even available through the banks despite the ongoing struggle to build up balance sheets and greater international regulatory requirements.

The conference also heard how the City of Culture year would put Londonderry on the world map and be of benefit to businesses including banks.

The event was organised by Derry City Council, in partnership with Invest NI and Londonderry Chamber of Commerce.

The seminar saw delegates provided with a valuable perspective on the various routes to financing new business ventures or company investments.

Experts addressed the audience with important economic and financial industry insight.

Afterwards advisors from across the spectrum of finance including banking finance, business angel/venture capital and government support, were on hand to meet and establish business relationships with delegates.

Investment & Enterprise Officer with Derry City Council, Matt Peachey said: "There is a misperception out there at the minute that business finance is simply not available.

"I think it's fair to say that the speakers at 'Finance for the Upturn' event debunked this myth and showed that there are a range of financial opportunities available."

Neil Gibson, Director of Regional Services with Oxford Economics, opened the event with a keynote address on the economic outlook and availability of finance and stressed the fact there is funding available for businesses.

"What we are saying is that there are many, many avenues, it could be going to a government agency like Invest NI, it might be looking at the Enterprise Northern Ireland loan funds, it could be venture capital, it could be other private investors.

"Even in the public sector there are significant amounts of money available to invest in businesses.

"Don't always believe the newspaper headlines, don't believe what the man down the street said.

"Find out for yourself, ask as many people as you can and if you have a good idea there will be finance found," he said.

Brian Mairs of the British Bankers Association said: "We know the money is there, we have run the statistics.

"It is true that the banks are building up their balance sheets and there are greater international regulatory requirements. But banks are in the business of lending money."

And Brian was very positive about the future for erry:

"There is an opportunity here. I think there is a greater cause for investing in Derry than we've seen in any of our lifetimes.

"We have seen the growth as far as infrastructure is concerned and there are some very sizeable businesses in and around the city.

"You also have the City of Culture which not only brings immediate funding but provides a focus to put Derry on the world map.

"That means there are opportunities for banks as well as all manner of other businesses," he said.

Other speakers at the event included Richard Ferguson - Manager of HALO Business Angel Network, Des Gartland – North West Manager at Invest NI and Andrew Reynolds of the Enterprise NI Loan Fund. All of the major banks were also in attendance.