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Home Office, £5m to help small retailers protect against crime

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The Home Office launched a new grants programme of £5m that will help small businesses protect themselves against crime.

The funding is part of the new retail crime action plan (RCAP), which has been drawn up in partnership with the retail industry to help small businesses prevent crime.

The money will provide grants of up to £3, 000 per individual business in 50 key areas, and can be used to buy security devices such as alarms, UV markers, and security grills.

In order to improve a neighbourhood with landscaping or additional lighting, groups of businesses in a certain area, such as a parade of shops, can also team up to bid for bigger grants of up to £50,000.

The action plan also includes an online questionnaire, which lets entrepreneurs assess how secure their business is. The tool, developed by crime prevention experts, also provides advice on simple things they can do to improve the business security.

The fund is opening in mid August and retailers could bid for grants from an expert grants administrator (still to be announced).

FinSMEs

07/08/2009

NorthStar Equity Investors finance F1 prototype

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A spin-out from the University of Durham, Durham Mag-Lev, won £60,000 in financial backing from North Star Equity Investors’ North East Proof of Concept (POC) fund to develop a full-size prototype, which could revolutionise the world of Formula One.

According to the investor’s webiste, Durham Mag-Lev has developed technology which can magnetically levitate vehicles when being tested aerodynamically in wind tunnels. The system eliminates the problem caused by the interference of struts usually used to hold vehicles in place. It is based on high-temperature superconductors which eradicate interference in air-flow, resulting in more accurate data.

The company, which is based at the NETPark Incubator in Sedgefield, County Durham, was created by Dr Robert Muscroft following his PhD research at the University of Durham’s School of Engineering. The project team includes academics from the universities of Durham and Cambridge and industrialists from subcontracting partners Aircraft & Commercial Tools Limited and Durham Precision Engineering Ltd.

In order to develop the prototype over the next year, Durham Mag-Lev plans to match the POC funding with a £75,000 grant received through the Grant for Research and Development (GRD) scheme.

FinSMEs

07/08/2009

A Venture Capital fund of funds for tech-based SMEs

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Last week, the UK Government announced the creation of a new Venture Capital fund of funds aimed to invest in technology-based businesses with high-growth potential.

The fund, in particular, will focus on Venture Capital backed technology based small firms, start-ups and spin-outs, operating in the field of digital and life sciences, low carbon, clean technology and advanced manufacturing.

Capital for Enterprise Limited (CfEL), the company established by BIS to manage Government’s venture capital fund investments, is now seeking proposals from Managers.
In order to be selected, the managers must have a proven track record of selecting technology focused venture capital funds with a significant UK focus.

The Government will invest £150m alongside private sector investment on a £1 for £1 basis.

According to BIS, the ambition is to leverage private investment to create a £1bn 10 year fund.

Commenting on the Government’s decision to create the fund, Simon Walker, Chief Executive of the British Private Equity and Venture Capital Association (BVCA), was reported as saying: “I am delighted that ministers have accepted a model on which the BVCA has campaigned for more than two years and which has been supported recently by others including the CBI and NESTA.
“I am convinced that this scheme can make a real difference provided it is implemented with the urgency that it deserves. Venture capital should be in the vanguard of economic recovery in Britain and it now has the chance to move from the relative fringe in economic thinking squarely to centre stage”.

FinSMEs

06/08/2009

RDAs are meeting the objectives, Minister says

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According to the annual performance reports published today by the Government, all the England’s Regional Development Agencies (RDAs) are meeting the objectives and targets set out in their corporate plans.

In a document published on the Department for Business Innovation & Skills’s website, Rosie Winterton, Minister for Regional Economic Development, was quoted as saying that “these reports show that the Regional Development Agencies are playing a key role at the frontline of our response to the global economic downturn. They have risen to the immediate challenge of the recession with one eye firmly fixed on the future and the upturn.

“They have done this whilst achieving their corporate objectives for 2008/09 and improving the overall economic outlook for their regions. By working with their local and national partners, RDAs are making a real difference”.

Among the RDAs key achievements, the statement cites the BusinessLink service, which over the last year has nationally supported 942,166 businesses, the majority of which are Small and Medium Enterprises (SMEs) and the Transition Loan Funds (TLF), introduced to address the particular circumstances of the current credit market.
According to data, these funds have agreed over 280 loans since their launch, totalling more than £28 million and safeguarding over 9,000 jobs.

FinSMEs

06/08/2009

Bank of England Maintains Bank Rate at 0.5%

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Maintaining the official Bank Rate paid on commercial bank reserves at 0.5%, the Bank of England’s Monetary Policy Committee has warned that “the world economy remains in recession, though there have been increasing signs that output in the UK’s main export markets is stabilising”.
In a statement published today, the BoE made clear that, even if banks’ funding conditions have improved a little and business confidence has picked up, financial conditions remain fragile. And though there are signs that credit conditions may have started to ease, lending to business has fallen and spreads on bank loans remain elevated.
According to the statement, “the need for banks to continue repairing their balance sheets is likely to restrict the availability of credit”, impacting adversely on the supply capacity of the economy.
FinSMEs
06/08/2009

London Technology Fund invests in Novacem

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London Technology Fund (LTF) has completed an investment in Novacem, a start-up that develops a carbon-negative cement.London’s specialist investor in new technology companies was joint lead in a syndicate which included Imperial Innovations Group plc and the Royal Society Enterprise Fund, together investing over £1m.

According to a LTF statement, Novacem, a spin-out from Imperial Innovations Group plc, is developing a cement which has the potential to transform the cement industry from being a significant emitter of CO2 to being an absorber of CO2.

The annual production of over 2.5 bn tonnes of conventional Portland cement is already responsible for 5% of global CO2 emissions, and cement volumes are expected to double by 2050.

In contrast, Novacem cement absorbs more CO2 over its life cycle than it emits. The company estimates that for every tonne of ordinary Portland cement replaced by its cement, around 0.75 tonnes of CO2 could be captured and stored indefinitely in construction products.

David McMeekin, Chairman of LTF, was quoted as saying: “Novacem is developing a formidable technology which has the potential to have a major impact on CO2 emissions. It is an excellent example of the world class technology being developed at London’s universities. We are delighted that LTF is able to support the company through this important stage of its development”.

Stuart Evans, Chairman of Novacem, said: “We are delighted to have raised investment from such a strong syndicate of specialist investors.
“These funds will help us grow the team, complete an initial pilot plant before the end of 2009 and accelerate development and commercialisation”.

FinSMEs

06/08/2009

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