Mandy writes cheque for UK tech biz
Funds for small biz
Lord Mandelson of Foy has announced a £30m fund to invest in small and medium UK technology firms.
The money will be managed by TTP Ventures. Development money is available to small and medium-sized IT, electronics and instrumentation firms. The money, part of the Enterprise Capital Funds scheme, is aimed at high-growth firms looking for funding up to a maximum of £2m.
Mandelson, in his guise as Minister for Business, Enterprise and Regulatory Reform, said: "It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need."
The government has pledged £60m a year for investment in ECFs.
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