Funding news - 12/03/2010
New Fund Gives Early-Stage Firms An Advantage
Early-stage West Midlands SMEs are reminded to “take advantage” of a new £8 million equity fund.
Provided by Advantage West Midlands with the backing of European Regional Development Fund cash, the Early Advantage Fund can offer match-funded equity investment worth up to £400,000.
An initial investment of up to £125,000 can be backed with an additional £275,000 during subsequent funding rounds, with all funds received from the scheme needing to be matched by other private investors.
The scheme will channel support towards early-stage SMEs and high growth companies that have the potential to offer a return on any investment within a 3-7 year timeframe.
Dr Norman Price, chair of the Regional Finance Forum, predicted the new fund would make a big impact.
He said:
“It’s aimed at businesses with strong growth prospects where an investment of between £25,000 and £400,000 will make the difference – encouraging economic growth and providing a bedrock for future development.”
Mick Laverty, chief executive of AWM, added:
“I’m delighted to see the Early Advantage fund come on to the market as I know how crucial access to suitable finance is for the health and wellbeing of the West Midlands’ economy.”
For further information about the Early Advantage Fund, visit the Midven Limited website (opens a new window)
Source: Advantage West Midlands, 04/03/2010
