Business angel boost for SMEs
Apr 21 2004
London-based small businesses could soon find themselves benefiting from an increased pool of equity finance, if the London Business Angel (LBA) network's new ready2invest scheme proves popular.
The aim of the scheme is to motivate potential business angels "who are keen to invest but are sitting on the fence due to a lack of understanding of the workings of the UK angel market, its processes and the available tax breaks", explains LBA managing director Anthony Clarke.
"Recent surveys indicate that there are some 18,000 British Angels investing in 3,000 to 6,000 SMEs annually, but there could be up to 50,000 SMEs annually seeking equity finance" Clarke continues.
Targeted at high net worth individuals and latent angel investors, the scheme will also provide potential investors with an opportunity to attend an LBA presentation event, bringing them face to face with support-seeking entrepreneurs.
As an aside the LBA is also eager to encourage more individuals to become "knowledge angels", drawing on their own past experiences to assist small firms and entrepreneurs in their development.
With the London Development Agency having pledged its support to the scheme for at least three years and the LBA mooting plans for a nationwide role out of the scheme, it seems additional support may soon be at hand for a flotilla of small firms.
In the meantime the LBA is continuing ts ready4growth programme, which is aimed at improving the investment-readiness of those SMEs seeking equity funding. For further details contact Mark Boggett at London Business Angels on 020-7089 2318 or visit www.ready4growth.com.
(21/4/2004)
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