§ Miss Geraldine SmithTo ask the Secretary of State for Trade and Industry what Government help is available to increase access to venture capital for small companies in Morecambe and Lunesdale. [127638]
§ Ms HewittThe Government recognise the vital role that venture capital can play in support of growth businesses and the value that the formal venture capital industry can add. An existing business angel network in the North West currently provides informal investment capital to small companies in the region. The Government are also committed to ensuring that there is an adequate supply of venture capital to meet demand across the 457W regions. The new Regional Venture Capital Funds 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 and meet the criteria all of the English regions, including the North West, will have access to at least one new, viable fund.