Finance East Celebrates 1st Anniversary
21 June 2010
Finance East, a subsidiary company of Finance South East (FSE), celebrated a year of deals at its first anniversary event at Ipswich’s Trinity Park Conference centre in June. In its first twelve months, Finance East has committed £2.6million in 20 businesses across the region and is looking to complete a higher volume of deals in 2010/11.
Finance East has been created to mirror the success FSE achieved in helping businesses grow in the South East of England through a combination of direct investment and associated support. An economic impact study released earlier this year showed companies FSE supported grew almost five times faster than the national average. Now companies across the East of England can benefit from similar schemes, which are designed to fill the funding gap faced by many ambitious, early stage businesses.
Finance East is currently operating two funds; the Regional Growth Loan Scheme and Business Angel Co-Investment Loan Scheme, both of which aim to stimulate growth in companies with clear, ambitious development plans.
Finance East has also recently announced the launch of the Eastern Capital Alliance, a network of business angels incorporating the activity previously carried out under the umbrella of the Great Eastern Investment Forum. Investor events will be held at various locations throughout the year to showcase a number of potential investee businesses. This will also work in partnership with the existing South Eastern Capital Alliance, an award-winning regional business angel network which was named European Business Angel Network of the Year (2007).
CEO of Finance South East, Sally Goodsell added:
“This is an exciting time for the FSE group and we’re delighted with what Finance East has achieved in its first year. We aim to replicate successes in the South-East using proven models like the South Eastern Capital Alliance. Investments will continue to be made on commercial principles and targeted at businesses which are not adequately served by traditional finance such as bank loans. The funding gap may never close fully but we’re committed to giving ambitious, high-growth SMEs the right funding at the right stage to help them grow and succeed”
Finance East Senior Fund Manager, Stuart Ager said:
“Entrepreneurs and SMEs in Cambridgeshire, Suffolk, Norfolk, Essex, Bedfordshire and Hertfordshire now have an alternative to funding from banks and venture capitalists. Finance East is open for business and we’re actively looking to stimulate growth in an area of the UK which has vast amounts of potential to create jobs and build a sustainable economic future.”
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