HC Deb 15 March 2001 vol 364 cc667-8W
Sir Sydney Chapman

To ask the Secretary of State for Trade and Industry what support he is giving to enterprise clubs following the establishment of the new Small Business Service, with particular reference to Greater London. [153782]

Ms Hewitt

My Department is committed to supporting enterprise, including clubs and disadvantaged areas across the whole of London and other regions, through a number of initiatives. These include500 volunteer business mentors already appointed with a further 500 to be in place by April 2001; The Phoenix Fund, which will help people from disadvantaged groups and in deprived areas who wish to start up or expand a business, of £30 million for this financial year; London's funding allocation is £4.1 million; A £12 million Development Fund to support innovative enterprise; The Small Firms Loans Guarantee Scheme to help small firms with a viable business proposal, but who are unable to obtain conventional bank finance because they lack security or a business track record; Regional Venture Capital funds providing equity finance for start-up or early-stage businesses with growth potential, but remaining subject to approval by the European Commission that they do not infringe state aid rules; A UK High Technology Fund for early-stage high technology businesses; Support for the National Business Angels Network to increase the flow of informal investment finance.

Through its Regional Manager for London, SBS will work closely with the Business Link and London Development Agency to ensure that the region as a whole, including Inner and Greater London, has access to the necessary enterprise funding and that this is used cost-effectively for the capital's various enterprise organisations and their initiatives.