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Regional Venture Capital Funds

Volume 488: debated on Monday 2 March 2009

To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform how many firms have received funding from each of the Regional Venture Capital Funds (RVCFs) in each year since the funds were established; how much was lent by each RVCF in each of those years; how many applications for funding were declined by each RCVF in each of those years; and if he will make a statement. (253635)

The RVCF programme was introduced to help address the equity gap for small and medium sized firms with growth potential seeking investment support up to £660,000.

At the end of September 2008, regional venture capital funds (RVCF) had invested a total of £126,704,755 in 346 firms. A break down of investment by each RVCF for each year since their creation is provided in the following tables. All of the funds have now reached the close of the investment period and therefore no further new investments will be made.

Consistent data on the approaches made by firms to funds that did not receive support are not available.

RVCF investments by number of firms and amount of investment 2002-08

2002

2003

2004

2005

RVCF

SMEs

Amount invested (£)

SMEs

Amount invested (£)

SMEs

Amount invested (£)

SMEs

Amount invested (£)

East of England

0

0

0

0

4

1,303,091

3

1,082,673

East Midlands

5

836,494

9

2,067,304

12

4,036,531

5

2,350,482

London

0

0

9

2,000,102

8

3,088,333

17

5,984,580

North East

8

1,625,102

5

1,391,790

12

2,142,490

5

1,857,500

North West

2

333,334

7

1,713,332

12

4,006,946

4

2,444,349

South East

3

399,999

18

5,300,000

5

4,424,767

5

2,097,634

South West

0

0

4

1,000,000

2

400,000

5

1,050,000

West Midlands

0

0

9

1,719,996

12

2,712,503

8

2,031,404

Yorkshire and Humber

0

0

5

1,200,000

5

1,375,000

9

2,324,454

Total

18

3,194,928

66

16,392,525

72

23,489,661

61

21,223,075

200620072008Total

RVCF

SMEs

Amount invested (£)

SMEs

Amount invested (£)

SMEs

Amount invested (£)

SMEs

Amount invested (£)

East of England

4

1,024,500

1

1,421,283

1

1,007,662

13

5,839,210

East Midlands

4

1,722,934

6

3,533,878

3

2,270,320

44

16,817,943

London

13

4,872,692

10

4,007,793

6

2,866,860

63

22,820,360

North East

4

1,013,625

3

741,668

0

399,850

37

9,172,025

North West

7

2,647,484

2

2,631,461

0

861,312

34

14,638,219

South East

7

3,061,374

6

4,218,541

1

1,375,849

45

20,878,162

South West

6

1,684,025

8

3,931,467

6

2,628,757

31

10,694,249

West Midlands

6

1,817,728

5

2,842,256

1

2,516,108

41

13,639,995

Yorkshire and Humber

2

785,906

11

3,649,889

6

2,869,342

38

12,204,591

Total

53

18,630,269

52

26,978,237

24

16,796,060

346

126,704,755