It follows concerns that a shortage of grade A office space after the 2008 property market crash could hinder efforts to attract jobs projects from overseas.
Grade A space is new or refurbished open-plan buildings in prime locations.
Invest NI has said it has received five applications to borrow money.
"All applications are in respect of proposed developments within the Belfast City Council area and from Northern Ireland-based developers," Invest NI said.
It is currently assessing the applications.
Earlier this year, the then Enterprise Minister Arlene Foster announced the loan initiative, describing it as "a short-term intervention".
It came after a report for Invest NI in March stated that a shortage in offices was due to "very few" developers having the capital required to do projects.
At the time, low rental returns were also having an impact on the viability of schemes.
Invest Northern Ireland has received requests from developers for loans totalling £43m to part-fund new office projects in Belfast.