Government establishes £30m fund for tech businesses

 

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By Nicole Kobie

Posted on 2 Dec 2008 at 17:32

The Government is set to invest £30 million in tech companies looking to grow their business.

The money will be made available as part of the Enterprise Capital Funds project, which is managed by TTP Ventures. The fund will help small and medium IT, electronics and instrumentation businesses to secure financing of up to £2 million.

Two-thirds of the £30 million fund will be supplied by the Government, while the remaining £10m will be supplied by private equity.

Business Secretary Peter Mandelson says: "It is crucial 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."

The funds are part of £60 million in investment the Government has committed through ECFs.