Minister kicks off Enterprise Week with £100 million

21 November 2006:

The biggest ever Enterprise Week, with over 3000 events, has been kicked off by the Government with the launch of the second round of Enterprise Capital Funds. This will provide a further £100 million to boost innovation, jobs and growth for budding entrepreneurs and existing businesses in the UK. Small Business Minister Margaret Hodge officially opened the second round of bidding for Enterprise Capital Funds (ECFs) while speaking at the Enterprising Britain Debate, the flagship launch event for Enterprise Week 2006.

The second round of ECFs builds on the successful “Pathfinder'”round, which attracted over 40 bids and resulted in six funds being awarded. This new round follows the Chancellor of the Exchequer's announcement in this years Budget that he was making an extra £100 million available for the ECF programme.

The competition for second round ECFs will run through 2007 with two closing dates. To be considered in the first closing, prospective ECF fund managers have until the end of February to prepare their bids in accordance with the guidance published on the SBS website. Bidders need to demonstrate how their proposal will target small and medium-sized businesses in the equity gap.

Prospective bidders can obtain detailed bidding guidance here.