Wednesday 22 May 2019

Investing in the region

Jessica Farry

An eight billion euro state investment fund is looking to invest in Sligo and the North-West region.

The Ireland Strategic Investment Fund (ISIF) is the government's €8 billion fund for investing commercially in Irish businesses that are looking to grow or create jobs.

ISIF's Senior Investment Director, Fergal McAleavey, hosted an event at the Sligo Park Hotel last Friday which aimed to raise awareness of what the ISIF does and how it can benefit businesses.

The ISIF recently announced a new strategy that will see it invest more money in regional development and in indigenous businesses.

The fund has invested outside Dublin already, but it is hoped that it will increase investments in the Sligo, Leitrim, Mayo, Donegal and Roscommon, whether in businesses or infrastructure investments that make commercial sense.

"We haven't seen a huge amount of investment in the Northwest region, there is no real reason for that but the fund may not be that well known outside of the Dublin. I think the reason for the lack of investment would be that some regions might not be aware of the ISIF, rather than any bad reason," Mr. McAleavey told The Sligo Champion.

At the event, local business advisors, accountants and businesses were informed of the different ways they can qualify for an investment by the fund, and what the strategy means for them.

"Everything we do has to be commercial. A lot of businesses grow to a certain scale and then they are waiting on cash to start growing further so here we are, a state investment fund and we can help with that expansion plan.

"It's long term stable capital so we can back companies through multiple rounds of funding. We are really like a deep pocket shareholder that helps these companies.

"We can also show businesses where to grow. Whether that's investing in the company or infrastructure."

Sligo Champion