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A new £8m investment fund, known as the Early Advantage Fund, has been created to support start-up businesses in the West Midlands.

The scheme is managed by Birmingham-based Midven, and is supported by both Advantage West Midlands and the European Regional Development Fund.

The new scheme is aimed at fledgling businesses with strong growth prospects, with the aim of supplying a share of the funds - expected to be anything between £25,000 and £400,000.

Business leader Dr Norman Price, chairman of the Regional Finance Forum, commented:

[p]"Small businesses are the life blood of the region and have the potential to become the world-leaders of tomorrow. But they need financial help. That's where this new and innovative fund comes in."

Midven director Andrew Muir said:

"This funding couldn't come at a better time. The West Midlands is increasingly becoming a centre for innovation and technology and many smaller and developing companies should be able to take advantage of this capital.

"We're actively seeking energetic and entrepreneurial management teams and companies with strong growth potential that want to give their business the edge over the competition."

Find out more about the fund here (PDF).

Published by Jo on Thursday, 04 March 2010 at 10:27 AM