HC Deb 12 December 2001 vol 376 cc865-6W
Mr. Wyatt

To ask the Secretary of State for Trade and Industry, pursuant to her answer of 29 November 2000,Official Report, column 1039–40W, on venture capital funds (RDAs), which companies SEEDA has invested in using the regional venture capital funds. [22330]

Alan Johnson

Regional Venture Capital Funds (RVCFs) are being established to ensure that appropriate small businesses in each of the English regions are able to access equity based finance in amounts below £500,000 and to demonstrate to institutional investors that robust returns can be made in this sector. All RVCFs will be commercially focused and experienced private sector fund managers will make all investment decisions.

Following a competitive bidding process a SEEDA sponsored proposal to establish a fund in the south-east region received a conditional offer of support from the Small Business Service (SBS). The fund in the SEEDA region is expected to begin investing in spring 2002.