HC Deb 30 October 2001 vol 373 cc583-4W
Mr. Jim Cunningham

To ask the Secretary of State for Trade and Industry how the(a) high technology venture capital fund and (b) incubator workspace loan fund will assist business. [10164]

Nigel Griffiths

[holding answer 29 October 2001]: The information is as follows:

  1. (a) The £126 million UK High Technology Fund, managed by Westport Private Equity, has been established to increase the amount of finance available for investment in technology based businesses. The fund was established on a 'Fund of Funds' basis, and invests in those venture capital funds that are specialist in investing in early-stage, technology-focused 584W companies. Investments in sectors and businesses being supported by the fund include software, pharmaceuticals, communications, internet technologies and biosciences.
  2. (b) Loans from the SBS Business Incubation Fund are available to meet shortfalls in finance for incubation projects. Increasing the availability of incubation and its supportive nurturing environment will help improve the chances of survival and growth of business start-ups and early stage SMEs.