§ Mrs. Curtis-ThomasTo ask the Secretary of State for Trade and Industry what assessment he has made of the impact of the Enterprise Fund on(a) (i) local and (ii) regional provision of equity on smaller amounts to growing businesses and (b) finance for a wider range of new products and services. [123550]
§ Mr. Alan JohnsonOne of the key elements of the Enterprise Fund is the support available from Regional Venture Capital Funds, which will specialise in the provision of small scale equity to businesses with growth potential. Bidding guidance for potential sponsors of new regional funds was issued on 22 December 1999 and 21 notifications of intention to bid have subsequently been received. Should all of these come forward, all of the English regions will have access to at least one new, viable fund.
The Enterprise Fund was established to address gaps in the markets providing finance to SMEs. New programmes will be developed under the Fund in response to market needs.