Capitalflow Commercial Finance has made £40m of finance facilities available to support Northern Ireland’s transport and distribution sectors, which are up against “mounting economic challenges”.

Backed by equity fund specialists Pollen Street Capital, Capitalflow was established in April 2016 with the announcement of a £300m funding pot for small- and medium-sized enterprises (SMEs) across Ireland.

Regional sales director at the firm, Marc Hawthorne (pictured), believes the £40m commitment could “make a big difference to the way local transport and distribution firms are funded”.

“There is a considerable amount of uncertainty with Brexit on the horizon and the effect it will have on SME’s that trade with Europe,” he said.

“We’re all waiting with bated breath to see what new trade agreements will be put in place.

“But there’s little doubt that cost structures and bureaucratic restrictions will change, if not increase, when it comes to moving goods in and out of the EU, which will of course impact trade between Northern Ireland and the Republic of Ireland and the border with Europe, which will particularly affect transport and distribution.

“We recognise the vital role that the sector plays within the wider economy and that’s why we’ve decided to make this finance available to local hauliers and the distribution network in Northern Ireland.”