A new £10 million fund to provide finance for startup businesses in the South East has been unveiled by the government.
The Accelerator Fund will provide up to £100,000 for ambitious new companies in the region following a £5 million investment from the government and a similar cash injection by Halifax Bank of Scotland.
The scheme will operate through Finance South East, a subsidiary of the South East of England Development Agency (SEEDA).
It’s hoped that the money will help innovative businesses fulfil their potential by helping meet startup and equipment costs.
Accelerator Funds have been set up across several English regions, with the government providing over £30 million for new businesses.
Launching the South East scheme, Nigel Griffiths, the small business minister, said he was pleased the government’s contribution was being matched by the Halifax Bank of Scotland.
“The South East of England has some of the country’s most dynamic and innovative small businesses and the fund will provide the investment that they need to become even more successful,” he said.
Sally Goodsell, chief executive of Finance South East, also welcomed the new fund.
“I am delighted that the Accelerator Fund can be added to the portfolio of funding products which Forward South East can now offer to small businesses.
“The fund has been set up by DTI in response to the needs of entrepreneurs in the UK and represents a real source of funding for those companies who aren’t yet ready for venture capital,” she said.
For more information on the fund, go to www.dti.gov.uk
