The government has unveiled a new £30m investment pot for small businesses in the technology field.

The facts:

Business secretary Lord Mandelson announced the investment fund, which will be used to support small technology businesses looking to grow.

Part of the Enterprise Capital Funds (ECFs) programme, the pot will be managed by TTP Ventures. Information technology, electronics and instrumentation companies are to be targeted, according to a government source.  

ECFs were established to provide small firms with development capital of up to £2m. It targets companies that would otherwise struggle to raise funding because traditional investors won’t wait for a return on their investment.

ECFs receive around £60m government money a year, but allow businesses to seek additional funding from private sector sources.

They said:

Mandelson said: "It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need.

"ECFs provide an important source of capital for small businesses looking for equity investment, and this latest fund further demonstrates government's commitment to support business through these difficult economic conditions."

We say:

The ECFs programme was founded in 2006 to invest a combination of private and public money in small high-growth businesses seeking equity finance of between £500,000 to £2m.

If you fit this brief then take a look at the ECF selection process for more information on how to bid for funding.

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By LaunchLab.co.uk  on   Dec 02,2008

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Keywords

funding    finance    Mandelson    investment    growth    small business   

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