HC Deb 12 February 2004 vol 417 cc1627-8W
Mr. Stephen O'Brien

To ask the Secretary of State for Trade and Industry what assessment she has made of whether investment activity rates will achieve their investment targets for the regional venture capital fund. [153578]

Nigel Griffiths

At 31 January 2004, eight funds have invested £21 million in 86 SMEs.

The Funds were launched to stimulate more finance for small businesses and address market weaknesses in the provision of finance.

I am advised that, even at this early stage, the proposed investment targets will be met.

Mr. Stephen O'Brien

To ask the Secretary of State for Trade and Industry what steps her Department is taking to introduce a standardised definition across each region of an application to a regional venture capital fund. [153579]

Nigel Griffiths

The Government encourages the fund managers of these commercial funds, managed by experienced venture capital specialists, to share best practice in areas like the quality of applications.

Mr. Stephen O'Brien

To ask the Secretary of State for Trade and Industry how her Department is(a) monitoring and (b) evaluating the performance of regional venture capital funds. [153580]

Nigel Griffiths

The Limited Partnership Agreement (LPA) requires the RVCF Fund Manager to establish and report progress of the fund to an Advisory Committee on a regular meeting cycle. Both the DTI and the local Regional Development Agency have a seat on the Advisory Committee for each RVCF. The LPA also requires the fund manager to supply regular reports to investors.

The report of an Early Assessment of the RVCF Programme can be found on the website www. businesslink.gov.uk/regional-venture-capital-fiind.

Mr. Stephen O'Brien

To ask the Secretary of State for Trade and Industry when her Department will publish measurements of the impact of regional venture capital funds on the wider economy. [153581]

Nigel Griffiths

The first two of these 10-year funds were established in January 2002 and the last one in July 2003.

It is too early to make an assessment of their impact.