Suffolk/Norfolk: New Anglia Capital aims to fill funding gap
Start-up and high-growth businesses across Suffolk and Norfolk could gain access to millions of pounds to help get them off the ground with the launch of a new funding initiative.
New Anglia Capital Ltd (NAC) is being heralded as a giant step forward for the region in creating opportunities for injecting capital into growing new businesses and the creation of sustainable, long term and quality jobs.
The scheme, which is being officially launched at the House of Commons next Tuesday, brings together two existing funding initiatives, Venta and the Suffolk Investor Club, and the New Anglia Local Enterprise Partnership (LEP). The hope is that each side will draw between £2million and £3m which can then be used to support firms.
Investment options for growing businesses include loans, grants and co-equity positions where the level of matched funding depends on a deal-by-deal basis with the funding provided by business angel investment.
Harry Berry, who is chairing New Anglia Capital and is also chairman of the Ipswich-based Eastern Enterprise Hub, said: “Investing in new businesses is inherently risky and often of little interest to the banks, particularly in the current tough economic climate. New Anglia Capital is a hugely exciting opportunity to bridge this gap.”
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New Anglia LEP chairman, Andy Wood, added: “This is a really exciting opportunity to bring together innovative business and investors in a pioneering development. We are the first LEP to have achieved this and help drive growth in this way.”
For details, call 01603 510087 or visit www.newangliacapital.co.uk.
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Businesses and investors will also be able to find out more at the New Anglia LEP’s Growth! Business Conference on June 13 at the Green Britain Centre at Swaffham or by logging on to www.newangliabooking.co.uk.
The conference aims to bring together more than 200 business leaders to inform, inspire and question experts in their field, on the subject of growth highlighting the LEP’s plan for growth for Norfolk and Suffolk.