A new growth fund, backed by Invest NI and Bank of Ireland, has been established for small and medium-sized businesses in Northern Ireland.

The fund, which is managed by Kernel Capital, will have a £25 million fund available for investment in businesses.

Invest NI has committed up to £15 million for the scheme, and is making a similar investment into a separate fund.

Northern Ireland’s Minister of Enterprise, Trade and Investment Arlene Foster said the funds were aimed at giving high-potential companies access to finance to ensure that they can grow.