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Funding venture for new businesses launched

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A new venture, New Anglia Capital was launched at Westminster this week with plans to inject capital into growing new businesses in the region and create jobs. Formed as an independent company in a tie up with the New Anglia Local Enterprise Partnership (LEP), the new venture aims to bring businesses together with sources of early stage funding and build a network of private investors across the region. Investment options provided by New Anglia Capital (NAC) will range from loans, grants and co-equity positions where the level of matched funding depends on a deal-by-deal basis with the matched funding being complemented by business angel investment.

Andy Wood, chairman of New Anglia LEP, said: “The launching of New Anglia Capital will provide businesses with innovative, alternative methods of raising money for growth and innovation. With conventional sources of funding for good ideas increasingly scarce, this is an extremely exciting and important driver for business growth. This is exactly the kind of activity that the LEPs were set up to achieve.” New Anglia Capital, which will also be open to start ups, was launched by Gt Yarmouth MP and local government minister Brendon Lewis.

Harry Berry, chairman of New Anglia Capital added: “This will be a major driver of business innovation and quality job creation in Norfolk and Suffolk. New Anglia Capital is a private investor led initiative, backed up by a dynamic Local Enterprise Partnership, to stimulate business growth and job creation.

“It has taken us just 85 days from the first concept of setting up New Anglia Capital to the establishment of the business, which is a remarkable achievement and indicates the tremendous momentum New Anglia Capital has already achieved, with the help of its stakeholders, which include both county councils in Norfolk and Suffolk, universities, banks and professional advisory firms. Its establishment, too, is in total alignment with LEP objectives and reaffirms that LEPs can and will bring value to business and economic prosperity.

“We are already stimulating huge interest from innovative businesses and are attracting a great many people who are keen to grow their businesses with funding and investment from New Anglia Capital. For investors, it will enable people in villages, towns and communities in East Anglia to achieve a good return on their investments, gain tax benefits and have the chance to put something back into the community.”

John Irving is New Anglia Capital’s chief executive. He was previously the chief executive of angel network, Venta Business Finance, whose business, along with the Suffolk Investor Club, has been absorbed into New Anglia Capital.

He said: “This project is moving tremendously fast and is receiving huge levels of support and encouragement throughout the eastern region’s business, political and financial communities and will enable our wealth generating companies of tomorrow to stay in the area without having to look elsewhere for investment and management skills. We are expecting this to attract businesses back to the area as well. Our predecessor firms achieved some successful investments, and we are expecting to close more deals shortly.”

Business secretary, Vince Cable MP said: “One of our priorities is to kick-start business investment and increase firms’ ability to access finance. The government is already taking big steps to help companies bridge that gap with the Business Bank, but schemes such as the New Anglia Capital programme will also provide a much-needed boost for the region.”

Entrepreneur Paul Smith of IRTL, pioneers of world changing technologies Biomation and Cryomation, is currently seeking funding for a new business in this region. He said: “I have attended similar business angel events in London, but found the recent angel event in Ipswich (organised by Venta) to be far more productive in generating a number of solid investment enquiries. It makes me wonder why I bothered going to London in the first place.”

Investors of all sizes are being invited to attend the New Anglia LEP’s Growth! business conference today 13th June at the Green Britain Centre in Swaffham.

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Last Updated ( Wednesday, 03 July 2013 16:33 )