DEPARTMENT FOR
BUSINESS, ENTERPRISE AND REGULATORY REFORM News Release (2008/275)
issued by COI News Distribution Service. 19 November 2008
The Government
will today launch the Aspire Fund - a £25 million investment fund
for women-led businesses - to be jointly funded by the Government
and private sector.
Shriti Vadera, Minister for Economic Competitiveness and Small
Business, will launch the fund at the Everywoman Conference on
Women's Enterprise Day (19 November), which is part of Global
Entrepreneurship Week.
The Aspire Investment Fund is the first of its kind and will
receive over £12.5 million in funding from the Department for
Business to be matched by a further £12.5 million from private
sector investment.
The fund will act as a beacon to encourage women with businesses
to seek appropriate equity finance and will also demonstrate to
the business community what investment opportunities already exist
from businesses being run by women.
The Fund will be accessed via Business Link and managed by
Capital for Enterprise Limited. The fund follows on from a
commitment made in the Government's Enterprise Strategy to
further promote and support the development of women's
enterprise. The fund is aimed at high growth businesses seeking an
investment of between £100,000 and £2 million to help finance growth.
Minister for Economic Competitiveness and Small Business, Shriti
Vadera said:
"There are 20% more people in enterprise in the US than in
Britain, and the majority of that gap is made up of women. Getting
more women entrepreneurs is an economic issue not just an equality
issue. If we were to match US levels of women's enterprise
there would be 900,000 new businesses in the UK.
"There is a wealth of untapped talent and economic
opportunity that could significantly boost the economy in these
uncertain times. The Women's Investment Fund marks the
Government's strong commitment to support women in business".
Co-Chairs of the Women's Enterprise Task Force (WETF), Pam
Alexander and Glenda Stone added:
"The Women's Enterprise Task Force welcomes the launch
of the Aspire Fund, which will help address a key funding gap for
women entrepreneurs. As co-chairs of the Task Force, we look
forward to working closely with BERR and CfEL to make this fund a
success and to build on existing initiatives supporting women
business owners."
Notes to Editors
1. Businesses interested in finding out more
about risk capital funding and how to access it will be able to
contact their local Business Link who can signpost them to
appropriate provision.
2. The Aspire Fund forms part of a range of measures to promote
women's enterprise that were included in the
Government's new Enterprise Strategy - "Enterprise:
unlocking the UK's talent" - published in March this
year. These include the provision of women's business centre
pilots, a new national centre of expertise for women's
enterprise, and activity aimed at opening up procurement
opportunities to women-owned businesses. A copy of the strategy is
available at http://www.berr.gov.uk
3. Business Link can be accessed via http://www.BusinessLink.gov.uk
or through the Business Link Helpline on 0845 6009 006.
4. The Women's Enterprise Task Force advises Government on
the development of women's enterprise policy and delivery.
Its membership is drawn from the private public, private and third
sectors. The co-Chairs are Pam Alexander (CEO, SEEDA) and Glenda
Stone (CEO, Aurora). More information on the Women's
Enterprise Task Force can be found on http://www.womensenterprisetaskforce.co.uk
5. The Aspire Fund will contain an important component of
support, guidance and investment readiness assistance to help
strengthen the funding propositions from women entrepreneurs.
Working through a network of investment readiness providers and
programmes, women entrepreneurs will be directed to the
fund's investment partners.
6. Pam Alexander is co-Chair of the Women's Enterprise Task
Force (WETF) and Chief Executive of the South East England
Development Agency (SEEDA).
7. Glenda Stone is co-Chair of the Women's Enterprise Task
Force WETF and Chief Executive of Aurora.
8. Everywoman was Founded in September 1999, everywoman Ltd is
the UK's leading provider of training, resources and support
services for women in business, thought leaders in women's
business development and promoters of women in business and gender
diversity. Its mission is to Inspire Women to Excel. Everywoman
works to increase the number, and raise the status, of women in
the UK economy, using their experience and expertise to help women
achieve their aspirations and realise their business ambitions.
everywoman delivers conferences and events, awards programmes,
training and leadership programmes. It developed the UK's
first, and largest, online resource for women business owners (http://www.everywoman.com),
which now has over 34,000 members.
Department for Business, Enterprise & Regulatory
Reform
7th Floor, 1 Victoria Street, London SW1H 0ET
Public enquiries +44 (0)20 7215 5000
Textphone +44 (0)20 7215
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http://www.berr.gov.uk