The Low Carbon Innovation Fund (LCIF) is offering investments starting from £10k to local businesses with an interest in growing sustainably.
LCIF, which is part of the Adapt Low Carbon Group and based at the University of East Anglia, has already invested millions into entrepreneurial projects and businesses with a ‘green’ edge. Recent projects include the UK’s first ever low carbon feature film Peter Grimes on Aldeburgh Beach, a new digital magazine ‘Electronic Sound’ and an innovative advertising app from ‘99 Squared’.
Since it started in 2010, some £43m has been injected into East of England businesses, supporting new jobs and the local economy. The fund is backed by the European Regional Development Fund and managed by the merchant bank Turquoise International.
“The green venture capital scheme has lowered its funding threshold from £25k to £10k as many businesses are looking for relatively modest amounts of investment,” explained LCIF’s project officer, Sam Burton.
“The £10k investment opportunity will open so many more doors for small businesses, start-ups and graduates who are stuck for investment. They have great ideas and can now make it happen with this funding boost.”
She went on to explain that lowering the threshold will make it easier for businesses to match fund the investment with money from their own sources or private investment, as required by the fund.
Feedback from small businesses suggests that companies in the vibrant creative industries will be particularly interested in LCIF’s smaller investments, including designers, app and software developers, and production houses.
John Marshall, International Trade Advisor at UK Trade & Investment (UKTI) in the East of England believes the fund could also attract new businesses into the region.
“Businesses based outside of the East of England could be eligible for funding if they open up a second office or have an operational base here,” he said.
“I see LCIF as playing an important role in helping grow the region’s economy and leading the way in encouraging carbon efficient business.
“A number of my clients have received LCIF investment and are impressed by the support and understanding given during the application process.”
To find out more about the fund, or to submit an application, visit the LCIF website at www.lowcarbonfund.co.uk.