Coalfield Enterprise Fund launched by the government

19 July 2004

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A new Â£10m Coalfields Enterprise Fund has been lauched by John Prescott at the Coalfields Regeneration Trust Conference in March. The fund specifically offers finance to growth-orientated companies and encourages entrepreneurship in England's former coalfield areas. These areas were previously very reliant upon the economic benefits of coalmining and the new fund is dedicated solely to these areas and aims to encourage companies and individuals to diversify into new high growth activities. The fund provides risk finance in the range Â£40,000 to Â£500,000, in the form of equity, with preference share capital and loans, and follow-on finance available. Investment by the fund may be up to 50% of the total funding package. Companies must be able to demonstrate growth and viability, and offer the Coalfield Enterprise Fund a commercial return on its investments. The vehicle is flexible in its approach to investment as companies at all stages in their development are eligible for investment, from new starts to early-stage to ongoing development through to buyouts and buy-ins. The fund is managed by Enterprise Ventures Limited through a network of regional investment managers in the coalfields areas.