The Coalfields Enterprise Fund is a commercial venture capital fund
set up to support the growth of businesses and encourage entrepreneurship
in England's former coalfields. The Fund will bring over £20m
of new investment into these areas and stimulate new-start companies,
established businesses seeking to expand and industrial diversification.
It is managed by Enterprise Ventures Limited through network of regionally
based Investment Advisors in the coalfield areas. The Fund will be open
for business in April 2004.
Overall, the Fund is to be managed by Enterprise Ventures Limited,
who will provide central administrative functions and make investment
decisions using an Investment Committee. Enterprise Ventures has subcontracted
the actual sourcing and processing of investment proposals in each of
the coalfield areas to a regionally based Regional Investment Advisor.
Contact details for Enterprise Ventures and each of the Regional Investment
Advisors are given below.
All investments will be on a commercial basis and it will be the
Fund Manager's job to ensure that the companies have the opportunity
to grow and develop. The Fund Managers will put together individually
tailored funding packages comprising debt and equity for the companies
in which they invest. Investment will range from £40,000 to £500,000.
The maximum investment allowed in any one company is £500,000
(2.5%) of the Fund.
The Fund is able to invest in most sectors although will not be able
to provide funding to businesses operating in those sectors normally
excluded under state aid rules, such as the car industry, shipping and
textiles. Further information is available from the Fund Manager or
your Regional Investment Advisor.
No, you need to be either located in an eligible
coalfield ward or employ people who live in an eligible coalfield ward.
For Dover this means funds are available for the wards of Aylesham,
Cornilo, Eastry, Eythorne, Middle Deal, Mill Hill, Mongeham, Nonistone,
North Deal and Sheperdswell with Coldred.
You should send your written proposal or a make a phone call to your
Regional Investment Advisor to establish initial contact and initial
discussions.
They will seek out companies that will benefit from investment and
respond to requests for finance from the Coalfield areas, assess proposals
for their suitability for investment and make recommendations to the
Fund Managers for investment. They will then work with each investment
to add value and help those companies achieve their growth plans.
The Regional Investment Advisors are regionally based providers of
venture capital. All the Regional Investment Advisors and the individuals
assigned to the management of the Coalfields Enterprise Fund are experienced
providers of venture capital to Small and Medium-sized Enterprises (SMEs).
More information is available from the fund managers at www.enterprise-ventures.co.uk.
Or contact:
Eric Tung, Regional Investment Advisor for Kent on 020 7089 2316
Contact Economic Development:
E-mail: econdev@dover.gov.uk
Tel: 01304 872043
