1-1 of 1 results for subject:"Community Development Venture Fund"
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Session
X
2003-04
Type
House
Session
Year
Department
Member
Primary member
Answering member
Legislative stage
Legislation
Subject
Publisher
To ask the Secretary of State for Trade and Industry, what funding has been provided by her Department to finance (a) the Manufacturing Advisory Service, (b) the Community Development Venture Fund and (c) the Supply Chain Groups initiative since the inception of each scheme; what timescale applies to the funding...
To ask the Secretary of State for Trade and Industry, what funding has been provided by her Department to finance (a) the Manufacturing Advisory Service, (b) the Community Development Venture Fund and (c) the Supply Chain Groups initiative since the inception of each scheme; what timescale applies to the funding...
Asked by
Lord Cotter
(Liberal Democrat)
Answered by
Baroness Smith of Malvern
(Labour)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
Tabled on
18 December 2003
For answer on
12 January 2004
Answered on
12 January 2004
Brian Cotter: To ask the Secretary of State for Trade and Industry what funding has been provided by her Department to finance (a)
the Manufacturing Advisory Service, (b) the Community Development Venture Fund and (c) the Supply Chain Groups initiative since the
inception of each scheme; what timescale applies to the funding in each case; and if she will make a statement on the extent to
which businesses have benefited from each initiative. [145511]
Jacqui Smith: The following information is as follows:
(a) Manufacturing Advisory Service
The Manufacturing Advisory Service was launched in April 2002. The Department's funding commitment is £15 million over the period
2001-02 to 2004-05, as follows: 2001-02--£3 million 2002-03--£5 million 2003-04--£5 million 2004-05--£2 million
Of this sum, £13.75 million is provided to the English Regional Development Agencies and Welsh Development Agency as part-funding
for the ten Regional Centres for Manufacturing Excellence through which the service is delivered. The remainder of the Department's
funding has supported the development of a complementary network of centres of expertise in manufacturing, a national website, and
other essential central functions.
The MAS has been a real success as a major source of advice and support for manufacturers. Since it was launched, the MAS has
handled over 15,000 enquiries. Over 4,500 manufacturing firms have benefited from MAS diagnostic consultations and over 1,000 have
gone on to undertake in-depth projects to drive up their productivity and competitiveness. Latest figures show that the total added
value to UK firms using the service is approaching £30 million.
(b) Community Development Venture Fund
The Community Development Venture Fund (CDVF), known as the Bridges Fund, was launched on 14 May 2002 and became fully operational
after a fourth and final closing in September 2002.
The Fund is a £40 million fund that was established to provide venture capital finance to viable SMEs with good growth potential in
the 25 per cent. most disadvantaged wards in England. The Fund is made up of £20 million from institutional and private sector
investors and £20 million from the Government to be invested alongside the private sector investors, through pound for pound matched
funding. The Fund is not a Government "scheme": it is a commercially managed venture capital fund in which the Government is an
investor alongside other leading private sector investors. The Fund has an investment period of up to nine years although Bridges
Community Ventures Ltd, the Fund Manager, expects most of the fund to be invested by the end of year five.
As at the end of December 2003, the Bridges Fund has invested over £5 million in nine SMEs with growth potential that are located in
disadvantaged areas:
£ million
_________________________________________________________________________________________________.
Financial Year Drawn down from DTI
2002-03 2,175,000
2003-04 (as at 31.12.03) 4,193,395
_________________________________________________________________________________________________.
(c) Supply Chain Group
The Supply Chain Group was launched in April 2003. The DTI plans to spend £15 million over five years and so far has spent £446,372.
The programme will benefit companies throughout the automotive supply chain by providing them with expert help to improve their
business. Participants are invited by their industry customer, ensuring that help is targeted to the most significant suppliers. To
date, 10 supply chain group projects involving 94 companies have been approved. These are long-term activities and hard data on the
improvements achieved will be available towards the end of 2004. The initial feedback from participating companies has been
encouraging.
Subjects
Finance; Grants; Small businesses; Manufacturing Advisory Service; Community Development Venture Fund; Supply chain groups initiative
Date
12 January 2004
Reference
145511; 416 c510-1W
House
House of Commons