£7 Million Fund For Thames Valley Companies

1 February 2013, 06:00

Businesses in the Thames Valley can apply for a share of £7 million in funding to hep create jobs and boost growth.

The Thames Valley Berkshire Local Enterprise Partnership (TVB LEP) has set up a new Escalator Fund, which will offer finance to small and medium enterprises.

The LEP hopes the fund will help existing businesses grow as well as start-ups.

Chairman of the TVB LEP Steve Lamb said; "The Escalator Fund is our response to the feedback from business across Thames Valley Berkshire during many months of consultation across the sub region.

"It is designed to provide finance to a range of businesses from start-ups to the more established, looking for funding which is difficult to obtain from more traditional sources. 

"Only businesses that are viewed to have the potential to deliver significant growth and employment opportunities for Thames Valley Berkshire will be considered, as this scheme is all about growing and empowering the local economy".

The Escalator Fund is a series of repayable loans and goes live today, 1 February 2013:

  • £1.75 million has been allocated for the TVB Commercialisation Fund – which will support newly established companies that need limited support to enhance their market position.
  • £4 million has been allocated for the TVB Expansion Fund – which will support development to scale up a business and accelerate its growth.
  • £1.5 million has been allocated for an Equity Fund (The Thames Valley Growth Fund) – which is designed to support ambitious growing businesses and will be released when matched with private funds.