Dungannon based agri food company New Generation Agriculture Ltd is one of 78 companies in Tyrone to avail of working capital finance funding from the Northern Ireland Small Business Loan Fund.
The Fund is managed by Ulster Community Finance Ltd (UCF) on behalf of Invest Northern Ireland and delivered in partnership with Enterprise Northern Ireland. UCF is a subsidiary of the social enterprise organisation Community Finance Ireland (previously known as UCIT Ltd). Small businesses, sole traders and partnerships keen to develop their business can avail of loans up to £100,000, while start-up businesses can obtain initial loans of up to £15,000.
New Generation Agriculture was established in July 2015. The business partnered directly with Australian soil management and food production management company, Nutri-Tech Solutions, to bring their products to the UK and Irish markets. New Generation Agriculture originally accessed £27K of working capital finance from the NI Small Business Loan Fund in January 2018 and a further £30,000 the following year. To date, the company has achieved significant year on year turnover growth as they set up new distributor agreements throughout the UK & Ireland as well as increasing direct end user sales.
Eugene Hackett, Operations Manager with New Generation Agriculture Ltd. explained:
As the demand for food from a growing global population increases, against the backdrop of diminishing available topsoil to support crop growth, our partnership with Nutri-Tech solutions has enabled us to bring their ‘Nutrition Farming’ approach to soil management and food production, to customers in the UK and Ireland.
We’ve benefitted from the positive working relationship with the Northern Ireland Small Business Loan Fund team since 2018 when we secured our first working capital loan. We availed of the fund again in 2019 to support our working capital requirements as the demand for products continues to grow.”
Ulster Community Finance Ltd Chief Executive, Dónal Traynor said:
“New Generation Agriculture Ltd. is a great example of a company that is responding to a very real need for innovation in the agri-food sector. This forward-thinking approach is reflected in their taking advantage of the fast and flexible finance that the Northern Ireland Small Business Loan Fund offers.
“As well as agri-food, sectors which have benefitted from the Fund to date include manufacturing and, renewable energy. The fund is open to organisations in Northern Ireland who are interested in learning how financial support of up to £100,000 could further their business ambitions.”
The NI Small Business Loan Fund is part of Invest NI’s Access to Finance suite of loan and equity funds.
William McCulla, Invest NI’s Director of Corporate Finance, said:
“New Generation Agriculture first got in touch with our Western regional office in 2016. The company was initially offered business advice, alongside support towards marketing activities and to create four jobs, helping it to hire its first full time employees.
“Since then, I am delighted that the Fund has helped the company to increase sales in the UK and RoI as it continues to grow. It is great to see the impact that the Northern Ireland Small Business Loan Fund has made to small businesses across Mid Ulster and the whole of Northern Ireland, ensuring SMEs can access the type of finance needed to support their growth.”
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