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3rd December 2008

£30 million boost for ambitious tech SMEs

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Small and medium-sized technology firms will be eligible for a new £30 million investment fund, the Government has announced.

The capital is to be made available to IT, electronics and instrumentation companies "with high growth potential", as part of the Government's Enterprise Capital Funds (ECFs) scheme.

Outlining the new fund, Business Secretary Peter Mandelson said: "It is crucial [that] small and medium-sized firms looking to invest in and grow their businesses are able to access the finance they need.

"Enterprise Capital Funds provide an important source of capital for SMEs looking for equity investment, and this latest fund further demonstrates Government's commitment to support business through these difficult economic conditions."

Individual firms will be able to bid for up to £2 million of capital equity, and the funds will be administered by investment company TTP Ventures.

IMAGE Neil Squires/PA Photos

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