Record investments in first half of year for Western Development Commission

THE first half of 2020 saw a record high in investment activity across the region for the Western Development Commission with €7.6 million of investment approved.

In total, the WDC Investment Fund approved new equity investments and loans for 39 businesses and community projects across the seven western counties under its remit, including Mayo, rising by over 200% compared to the first half of 2019.

Commenting on the investment fund’s performance in the first half of the year, Tomás Ó Síocháin, CEO of the WDC, said: “Taking the long term view is at the core of the work of the fund. That long-term view is of vital importance in the context of Covid-19 and the ongoing need to build resilience in new and non-traditional sectors to sustain economic and social development in the western region, now and into the future.”

Business investments included Cerebreon Technologies in Donegal who have created an intelligent enterprise software solution that automatically processes and analyses insolvency documents to administer and predict the outcome of debt recovery. In Roscommon the fund supported Fincovi, a back-office service for the renewable energy sector, and in Galway, it supported CitySwift, a data-driven technology platform for urban bus networks.

The Community Loan fund, which provides term loans and bridge finance to community projects and social enterprises, supported a range of initiatives across the seven counties. These included Obair Newmarket on Fergus in Co. Clare, an organisation that works with people to combat social exclusion. In Galway support was given to Clifden Town Hall and in Mayo the fund supported the Old Irish Goat Sanctuary.

In the same period, The WRAP Fund, which is a collaboration between the WDC, Galway Film Centre, Údarás na Gaeltachta and a number of local authorities, supported Winter Lake Productions in Co.Sligo, Studio Meala Ltd. in Roscommon and Smother Productions which is filming a TV series in Lahinch, Co. Clare.

The investments approved come at a time when the coronavirus pandemic and consequent shutdown has brought a massive economic shock globally, nationally, and regionally.

Gillian Buckley, investment manager with the Western Development Commission, commented: “The WDC Investment Fund has been a key source of finance for businesses and community groups in the western region and given the challenges presented by Covid-19, it is even more important that the region has access to this unique source of investment capital.”

To date the WDC Investment Fund has invested over €60m in SMEs, micro and social/community enterprises in the region with over 5,000 people employed directly and indirectly in portfolio companies.

The WDC Investment Fund provides equity and loan finance across the seven western counties. Sectors include medtech, lifesciences, fintech, artificial intelligence, internet of things, energy, food and national resources. Community and social enterprises supported include community centres, sports facilities, childcare, social housing for the elderly and community enterprise centres.

* Pictured, Tomás Ó Síocháin, CEO of the WDC.