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Growth fund 'should help businesses to expand'

Date Added: 27/05/2011  

A new growth fund could enable small businesses to expand, it has been claimed.

Stephen Welton, chief executive of the Business Growth Fund, stated that a traditional approach will be taken in order to decide which companies are worthy of investments.

"We're looking to provide capital to businesses turning over approximately £10 million and invest on average between £2 million and £10 million per company," he said.

Mr Welton added that this amount of money represents a "significant" injection of cash that should allow companies to put together a long-term expansion plan for the future.

Speaking on the BBC Wake Up to Money podcast called Government Launches New Business Growth Fund, the chief executive of also pointed out that the growth is set to be targeted at the five to ten-year mark.

David Frost, director general of the British Chambers of Commerce, recently praised the coalition government for setting up the fund.

Posted by Miles Pritchard 

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