Joe McHugh (Donegal North East, Fine Gael)
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Question 57: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the position regarding a project (details supplied); her views on the impact to date on Border businesses; and if she will make a statement on the matter. [39814/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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The All-Island Halo Business Angels Network was launched on 28 September 2009.

Halo Business Angels Network (HBAN), is a new initiative that is available throughout Ireland. It aims to link early stage entrepreneurs looking for funding with potential angel investors with ambitious plans to increase the level of funding for new and growing businesses in Ireland.

Led by InterTradeIreland and Enterprise Ireland, HBAN plans to act as 'the angel network with a VC approach' by offering guidance to businesses seeking access to expansion funds and to investors looking for pre-screened opportunities. It will also work in partnership with existing angel networks.

HBAN has plans to generate almost €6 million in new angel investment in its first two years of operation and will create 10 new angel investment syndicates. Rigorous assessment procedures will be observed to promote the most viable business expansion opportunities.

The new investment raised will be used to back up to 20 early stage enterprises. HBAN will focus on companies at an early stage of their development that have established a solid trading record and are seeking approximately €250,000-€500,000 to support further growth. HBAN is calling on angel investors and investment syndicates to come forward, both to support small businesses and the wider economy.

HBAN will effectively act as a hub between companies and different sources of financing, whether state agencies, business incubation centres or private 'angel' investors. HBAN has ambitious targets, in terms of the numbers of businesses to be supported and the level of financing to be generated over the coming year.

In addition to providing funding, Intertrade Ireland and Enterprise Ireland can provide support to entrepreneurs in the form of advice on the most likely sources of funds for the next stage in their planned development. For investors, the agencies can advise on the most appropriate opportunities and offer due diligence on the firms in which they may be considering investing.