£37.5m investment pot available to SMEs in government drive

House-of-Parliament.jpg

Innovative small to medium-sized enterprises are set to benefit from a new £37.5 million government-backed scheme.

Business secretary Vince Cable announced details of a new scheme yesterday (October 8th), which will support those who invest in high-growth small businesses

Mr Cable has said that he is “determined” to give SMEs the financial support needed in order to help them grow.

Episode 1 will use the funding to put between £250,000 and £2 million into around 20 to 30 technology firms in their early stages. 

Alongside the government’s £25 million, a further £12.5 million has been raised through private investment.

One of Episode 1’s partners is Dr Simon Murdoch, who has invested in companies including LoveFilm, Shazam and Zoopla over the last ten years.

He said: “I know from personal experience, it is hard to start and grow a business, even without the added difficulties of the current economic climate.”

Posted by the Secret Businessman