§ Miss McIntoshTo ask the Secretary of State for Trade and Industry what representations he has received concerning competition between financial intermediaries to which small businesses can apply for venture capital; and if he will make a statement. [71527]
§ Mr. WillsI am not aware of any representations concerning competition between financial intermediaries to which small businesses can apply for venture capital.
I am aware that growing businesses have faced difficulties in raising venture capital in small amounts. We therefore announced, in the Competitiveness White Paper (Cmd 4176), the creation of the Enterprise Fund. One of the functions of this Fund will be to stimulate the availability of venture capital for smaller businesses.
We are also working with the key players in the informal investment or "business angel" markets to stimulate the availability of venture capital from individual investors.