Posted on Friday 7 June 2013 by Ulster Business
UCIT has provided over 200 charities, community organisations and social enterprises with loan finance in excess of £30m since its inception.
The wider UCIT Group has also been mandated to manage Invest Northern Ireland's £5m Small Business Loan Fund, representing an important source of finance to that sector of the economy. The fund provides loans up to £50,000 to individuals and businesses that would otherwise be unable to access financial support.
Mr McDaid has over 40 years of experience in business and corporate lending. He was previously a member of Bank of Ireland's senior executive team in the UK, and was responsible for managing its UK business loan portfolio.
He said: "UCIT Group is an important support to a wide range of communities in Northern Ireland and to an increasing extent in the Republic of Ireland. By stimulating social enterprise it helps bind and preserve communities which are often the most disadvantaged and marginalised. Our role in the small business community is also important in protecting jobs and promoting growth in what is after all a vital sector of the economy. Our role in the community, voluntary and social finance sectors is complementary to our support of small business and vice versa.
"The Northern Ireland Small Business Loan Fund is an excellent tool to provide a new financing option to individuals and organisations and we've already seen a significant interest and uptake from a number of companies across Northern Ireland."