Moy-based pet food company, Mackle Petfoods, will create up to ten new jobs from early 2010, by growing the export side of its business.The company is investing £250,000 from Bank of Ireland's European Investment Bank (EIB) Fund in the extension of warehouse premises and construction of an effluent plant. The expansion will support new contracts with major supermarket retailers in England, which are expected to increase annual turnover by up to £5m.

The EIB fund, launched in March of this year, is a European Investment Bank supported finance scheme that provides funding at a discounted interest rate to small and medium-sized enterprises (SMEs) for purposes of business expansion. The facility forms part of a series of initiatives offered by Bank of Ireland in support of the SME sector.

John Mackle, the company's Managing Director, said: "Expanding into England is key to Mackle Petfoods' strategic plan for growth. Bank of Ireland worked closely with us to find a funding option that best suited our needs and we were delighted to be able to take advantage of EIB funding for this expansion."

Bernard Grimley, Associate Director, Business Banking, Bank of Ireland Newry, said: "EIB-supported financing is just one of the ways in which we are supporting the growth of local SMEs. This deal reinforces our commitment to the sector and to finding solutions that fit a business's requirements. As we begin to emerge from the recession, many companies are starting to look to exporting for growth and we are pleased to have been able to provide funding to Mackle Petfoods in this venture."