commiss decis aid scheme quot enterpris capit fund quot unit kingdom plan implement notifi document number english version authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis regard comment procedur letter date novemb regist commiss novemb uk author notifi pursuant articl ec treati mention measur commiss letter date decemb commiss request inform notifi measur letter date januari regist commiss februari letter date march regist commiss march uk author submit inform request letter date commiss inform unit kingdom decis initi procedur laid articl ec treati respect measur commiss decis initi procedur publish offici journal european union commiss call interest parti submit comment letter date june regist commiss june unit kingdom submit respons commiss decis initi procedur commiss receiv observ interest parti letter date septemb regist commiss septemb letter date septemb regist commiss septemb letter date septemb regist commiss septemb letter date octob regist commiss octob letter date octob regist commiss dai letter date octob regist commiss dai letter date octob regist commiss dai letter date octob regist commiss octob letter date octob regist commiss dai letter date octob regist commiss dai letter date octob regist commiss dai letter date octob regist commiss dai letter date octob regist commiss dai letter date octob regist commiss dai letter date octob regist commiss octob letter date octob regist commiss octob letter date octob regist commiss octob letter date octob regist commiss octob letter date octob regist commiss octob letter date octob regist commiss octob letter date octob commiss forward observ unit kingdom order give unit kingdom opportun react opinion unit kingdom respons comment parti receiv letter date novemb regist commiss novemb ii detail descript measur ii object measur measur intend increas amount equiti fund small medium size enterpris sme unit kingdom seek rais equiti financ gbp eur gbp million eur million measur provid leverag licens enterpris capit fund ecf leverag interest leverag profit share repaid ecf ecf requir invest capit sme mean equiti quasi equiti instrument ii descript measur legal basi measur legal basi scheme section quot industri develop assist act quot budget measur leverag provid enterpris capit fund repaid measur design financ medium term term account scheme pathfind phase unit kingdom alloc gbp million eur million cover cash flow cost initi leverag durat measur unit kingdom seek approv period year administr measur depart trade industri dti statutori respons execut agenc small busi servic sb small busi servic sb supervis applic ecf statu sb monitor ongo invest undertaken ecf direct control ecf individu invest decis sb ensur ecf compli busi plan adher term success bid beneficiari measur scheme exclus aim unquot small medium size enterpris unit kingdom firm difficulti defin commun guidelin state aid rescu restructur firm difficulti exclud invest enterpris capit fund quot ecf quot invest sensit sector state aid restrict sector commiss commun state aid risk capit appli low risk sector includ properti land financ invest compani financ type leas compani elig invest scheme enterpris capit fund prevent invest ecf size invest enterpris capit fund make invest beneficiari sme gbp eur gbp million eur million rang singl invest round addit invest beneficiari sme gbp million eur million limit permit case ecf invest advantag term commerci investor follow invest permit long total equiti fund rais beneficiari sme ecf equiti investor exce gbp million eur million limit except case period month ecf initi invest beneficiari sme follow invest excess gbp million eur million limit permit prevent dilut subject upper limit percent ecf commit capit invest singl beneficiari sme ii mechan measur role enterpris capit fund enterpris capit fund set measur combin privat public monei invest sme licens process confer ecf statu ecf entitl receiv public leverag interest rate close ten year govern bond rate restrict public leverag repay oblig public leverag licens enterpris capit fund limit privat capit rais fund leverag interest leverag profit share public contribut repaid enterpris capit fund ensur programm financ medium term minimis public intervent exact amount public leverag profit share repay prioriti determin competit bid process order ensur minim public support open invit applic public scheme offici journal european union relev trade press ensur public support minimum achiev intend object appli ecf statu potenti fund requir amount public leverag upper limit time privat capit profit share public privat investor prioritis repay interest leverag leverag privat capit profit distribut condit ecf elig potenti ecf oper submit robust busi plan includ propos manag team relev experi evid possess compet run ecf effect amount privat capit rais intend sourc capit evid investor interest propos ecf busi plan propos ecf invest strategi includ proport fund intend invest earli stage start compani repay arrang includ sequenc repay leverag interest repay leverag profit distribut public profit share ecf requir abid british ventur capit associ bvca guidelin account standard assur profit driven invest decis bid public leverag expos greater risk privat capit accept privat investor enterpris capit fund expos greater downsid risk public remov scope moral hazard influenc decis ecf oper ensur commerci practic oper decis make ecf draw pubic leverag ecf ecf secur commit agre level privat capit entitl draw public leverag ecf free draw leverag wish subject constraint impos maximum leverag ratio agre ecf approv grant point time maximum leverag entitl determin appli ratio amount privat capit drawn fund maximum leverag ratio public leverag cap time privat capit appli ecf iii ground initi procedur commiss commun state aid risk capit hereinaft refer quot commun quot recognis role public fund risk capit measur limit address identifi market failur commun state specif factor advers affect access sme capit imperfect asymmetr inform high transact cost market failur justifi state aid commun specifi gener risk capit market failur commun market gap type invest stage enterpris live difficulti region qualifi assist articl ec treati quot assist area quot commun explain gener commiss requir provis evid market failur prepar authoris risk capit measur commiss prepar accept exist market failur provis evid case tranch financ enterpris risk capit measur wholli partial financ state aid maximum eur assist area eur articl area eur million articl area case mention tranch exceed commiss demand demonstr market failur justifi propos risk capit measur assess compat measur accord posit neg criteria list point viii commun enterpris capit fund scheme propos unit kingdom forese risk capit invest rang gbp eur gbp million eur million invest tranch sme unit kingdom quot region aid map quot unit kingdom unit kingdom consist region classifi assist area pursuant articl ec treati assist area pursuant articl thereof assist area line point vi commun commiss prepar accept exist market failur provis evid risk capit fund sme unit kingdom wholli partial financ state aid limit maximum amount eur million assist area pursuant articl ec eur assist area pursuant articl ec eur assist area commun risk capit invest propos enterpris capit fund scheme exceed mention threshold necessit provis evid market failur unit kingdom order demonstr exist market failur unit kingdom submit studi conclud gap provis ventur capit sme unit kingdom deal size rang gbp eur gbp million eur million reason failur provis equiti type growth financ unit kingdom persist evidenc recent uk survei access financ debt financ improv major busi uk small busi potenti high growth problem attract equiti capit fall scope individu busi angel provid suffici financi back desir formal ventur capitalist incur higher cost invest sme ii larger level demand equiti type financ present met exclus profession investor suppli equiti financ increas equiti gap region awar equiti rais firm extern sourc mechan financ growth qualit evid shortfal fund small entrepreneuri high growth busi equiti gap greatest impact firm wish attract initi invest approxim gbp gbp million eur eur million capit ration exist uk economi affect sme seek small amount extern financ earli stage firm growth develop avail extern financ sourc equiti profession investor problemat invest size region gbp gbp million eur million eur million ii major uk profession equiti provid interest invest smaller gbp million eur million smaller tranch monei inform investor busi angel govern privat scheme region ventur capit fund help address fund sourc gbp eur uk system oper provis quot tier quot quot escal quot fund attract capit constrain busi iii evid point gap grow time driven part success privat equiti industri move larger size invest prognosi gap grow scale fix cost issu encourag profession ventur capit firm increas size fund minimum accept deal size letter date commiss inform unit kingdom decis initi procedur laid articl ec treati respect enterpris capit fund scheme letter commiss state doubt argument present unit kingdom order justifi exist market failur suffici justifi grant risk capit invest tranch consider exceed maximum amount anticip commun commiss explain consid analysi issu analysi includ observ made interest parti consider parti comment commiss decid measur propos unit kingdom affect trade condit extent contrari common interest iv comment interest parti respons public offici journal european union decis open formal procedur commiss receiv observ interest parti nelfund england region develop agenc confeder british industri nederlands verenig van participatiemaatschappijen vno ncw cavendish asset manag univers warwick stonesfield capit yfm group close ventur manag bundesministerium der finanzen deutschland enterpris corpor financ institut charter account england amp wale pénzügyminisztérium interregnum permanent vertegenwoordig van het koninkrijk der nederlanden group plc northwest develop agenc northeast lietuvo respubliko ukio ministerija comment receiv posit underlin import measur appropri propos maximum invest amount argument put forward mention interest parti classifi summaris comment member state comment open formal investig procedur germani highlight fact expert survei conduct germani gap provis ventur capit privat equiti financ small medium size enterpris rang eur million gener difficult demonstr market failur stipul commun commiss elabor clear criteria order support member state apprais market gap specif domain netherland emphasis evid comment open formal investig procedur problem ventur capit market occur bottom end capit market high tech start up gap suppli demand rang eur eur million financ round note netherland threshold set commun base market knowledg midst ict boom privat equiti abund seed earli stage invest ventur capit market evolv rapidli equiti gap extend significantli threshold laid commun ventur capit fund drift larger deal establish busi comment open formal investig procedur hungari highlight fact ecf model propos unit kingdom model deserv consider applic hungari mark switch larger deal size observ hungari deal eur million account total privat invest hungari deal eur million made remain privat invest virtual deal deal size rang eur eur million unduli strict interpret tight threshold contain commun prevent public action support fill mention import equiti gap block growth potenti sme fix maximum threshold commiss develop control system enabl survei evolut market depend rel level develop member state capit market lithuania accentu experi comment open formal investig procedur privat equiti invest concentr larg fund invest establish larger busi level invest smaller young busi proportion lower ecf scheme import part strategi tackl barrier success entrepreneurship keep commun object entrepreneurship innov comment associ academ confeder british industri cbi fulli support uk propos establish ecf cbi identifi market gap stretch gbp eur gbp million eur million believ ecf meet defin market gap fund growth compani nederlands verenig van participatiemaatschappijen nvp state evid equiti gap bottom end market eur million gap vari member state member state differ signific confeder netherland industri employ vno ncw support observ made cbi nvp regard size equiti gap institut charter account england wale believ equiti gap high gbp million eur million reason major profession privat equiti provid interest pursu deal smaller gbp million eur million experi suggest ventur capit hous uk activ invest busi gbp million eur million volum small compani receiv invest gbp million eur million sourc limit twelv month period interest size rang part larger round gbp million eur million particip financ manag bui mbo chang ownership compani organ develop profession ventur capit commun uk establish activ medium larg scale privat equiti industri main focu acquir larg stake control significantli profit larg scale busi year number ventur capit hous commit fund invest reason volum smaller compani specif rang gbp million eur million appear diminish institut believ propos ecf scheme provid valuabl sourc financ busi seek modest amount equiti capit stimul investor particip small invest amount follow fund dedic sector oppos invest opportunist time time england region develop agenc state recent studi advantag west midland rda show barrier access growth financ acut firm seek gbp eur gbp million eur million demonstr fact studi show equiti gap grown formal ventur capit migrat larger deal size gbp million eur million lower end risk capit market uk number exist intervent successfulli provid small amount growth capit sme recent report signific number busi requir amount excess gbp eur limit northwest region develop agenc make observ fund investe compani rais follow fund eur eur million interest level mainstream ventur capit uk ventur capit industri move minimum threshold invest nearer gbp million eur million real equiti gap uk gbp million eur million gbp million eur million recognit market failur gbp million eur million commiss make signific crucial differ stimul high growth potenti busi uk univers warwick conduct face face discuss technolog transfer profession uk univers comment earli stage ventur capit market issu face univers sector spin compani highlight aspect straightforward univers spin off rais small amount grant equiti fund gbp eur thin sourc capit gbp eur main sourc risk equiti stage technolog specialist ventur capit ventur capit compani specialis area resourc constrain shortag equiti level constrain delai growth individu spin compani refer group spin compani rais equiti gbp eur gbp million eur million rang problem face univers spin compani seek rais equiti rang gbp million eur million gbp million eur million overwhelmingli similar stage develop compani gbp million eur million face challeng due shortag sourc univers referenc invest capit spin compani gbp million eur million gbp million eur million rang univers spin compani sourc equiti gbp million eur million requir comment privat ventur capit compani northern enterpris limit nelfund believ market failur risk capit invest gbp million eur million uk advers affect sme develop consequ stonesfield capit limit activ invest equiti gap gbp eur gbp million eur million target enterpris capit fund submit comment suppli capit uk invest size rang gbp eur gbp million eur million extrem limit sever equiti gap small busi rais sum monei gap widen close recent quot report invest activ quot publish british ventur capit associ fall amount invest earli stage compani perform earli stage fund declin markedli period long term return investor annum earli stage fund fell declin invest perform period led number earli stage ventur investor pull market market dynam reflect averag size invest earli stage opportun averag deal size approxim gbp million eur million increas gbp million eur million demonstr investor ventur market invest larger sum monei typic attempt reduc risk contribut widen equiti gap gbp million eur million compani requir gbp million eur million gbp million eur million struggl rais requir fund gbp million eur million fall radar screen ventur capitalist amount fund rais invest earli stage ventur opportun fallen gbp billion eur billion rais invest earli stage ventur capit opportun compar gbp million eur million gbp million eur million rais target deal gbp million eur million sme justifi increas capit requir excess gbp million eur million size stage develop matur dilut entrepreneur great leav signific fund hole fill sme grow success larger busi provis fund gbp eur gbp million eur million essenti small busi surviv prosper yfm group submit observ latest british ventur capit associ bvca statist show bvca member invest gbp million eur billion sum gbp million eur million uk base compani strip gbp eur deal pictur dramat gbp million eur million invest sum gbp eur gbp million eur million compani benefit amount invest fallen gbp million eur million drop figur compani benefit figur includ manag bui out mbo manag bui in mbi stage expans secondari purchas deal bank debt refinanc transact strip focu start earli stage deal figur moni invest compani benefit discount fund start earli stage proposit size deal complet fell grand total gbp million eur million gbp million eur million fall stimul european commiss uk govern effort number transact gbp eur marketplac expand level migrat uk financi hous larger larger transact leav fund gap suppli side constraint major issu compani receiv invest gbp eur rang signific amount follow financ unabl rais moni fund gap gbp eur gbp million eur million rang close ventur manag limit highlight fact strong evid equiti gap evolv time cover gbp eur gbp million eur million rang time increas amount fund manag ventur capit investor left gbp million eur million segment symptomat common inevit trend invest manag establish success track record rais fund turn bigger deal inher scale economi ventur privat equiti industri invest manag typic leav smaller deal mean extrem profession institut investor gbp million eur million segment uk deal gbp eur gbp million eur million frustrat demand readili supplier risk capit enterpris corpor financ limit increasingli frustrat endeavour rais capit rang gbp eur gbp million eur million client compani main reason lack qualiti invest opportun increas reluct ventur fund make small invest ventur marketplac significantli wors year extent transact requir gbp million eur million slight probabl receiv fund notwithstand merit investe compani problem significantli wors compani seek fund gbp eur gbp million eur million bracket due prohibit high cost lack commerci skill lion share ventur fund target substanti matur busi asset track record produc profit comment emphasis past year ventur capit market signific transform invest return earli stage smaller growth compani declin combin industri wide trend make larger invest prudent invest strategi result declin suppli invest flow smaller end market estim equiti gap increas gbp eur gbp million eur million gbp million eur million significantli reduc invest segment market invest approxim eur billion earli stage ventur capit invest europ invest similar compani declin significantli invest approxim eur million segment market cavendish asset manag limit support observ made institut charter account england wale point comment unit kingdom comment unit kingdom decis commiss open formal procedur pursuant articl ec treati observ parti summaris point access debt financ improv major busi uk mid import minor sme high growth potenti problem attract equiti financ equiti financ suitabl busi earli stage develop gener suffici stream revenu servic debt interest repay suitabl busi develop technolog product market offer potenti achiev substanti rate growth hold signific risk failur public consult access growth capit small busi aggreg bvca data academ research point equiti gap unit kingdom affect busi seek rais gbp eur gbp million eur million equiti financ equiti gap extend upward recent year driven part success privat equiti industri move larger size invest averag deal size risen substanti ventur capit firm seek benefit increas economi scale equiti gap accentu earli stage sme recent year due mark shift type invest made ventur capitalist evid show ventur capit invest drift stage manag bui mbo manag bui mbi invest recent bvca data demonstr continu emphasi stage deal larg bui out earli stage invest account uk ventur capit invest gdp contrast averag gdp invest earli stage year expect newli rais ventur capit fund increasingli focus larger deal establish compani recent data bvca fund rais expect alloc earli stage invest expans deal mbo gbp million expect fund rais alloc earli stage expans technolog invest compar data suggest invest place equiti gap gbp eur gbp million eur million initi syndic invest approxim invest gbp million eur million rang follow invest ventur capitalist migrat larger fund size evid flow ventur capit invest team lower end market import reput ventur capit sector creat signific entri hurdl prospect fund manag team seek compet ventur market trend result worsen shortag talent experi equiti gap segment market increasingli hard replac time progress qualiti fund manag rais larger fund make larger deal skill need success smaller scale earli stage invest ensur good flow qualiti entrant precondit dynam earli stage market uk conclud appear full agreement respond risk capit market failur make difficult sme high growth potenti fund parti comment support uk view market chang equiti gap exist level set commun unit kingdom sought demonstr fund gap exist invest size gbp million eur million number respond suggest modest estim gap reach high gbp million eur million unit kingdom believ evid strongest support gbp million eur million figur unit kingdom highlight respons busi oper uk ventur capit sector line detail consult respond univers acknowledg exist risk capit fund gap gbp million eur million level respond practic experi market research commerci point view experi support unit kingdom research fund oper area attract privat investor percept risk econom make smaller invest unit kingdom satisfi enterpris capit fund scheme displac exist privat provis market unit kingdom welcom level support practic design ecf model unit kingdom welcom understand respond propos fund structur mean distort competit occur incent sound commerci invest decis kei driver propos ecf give side protect privat investor sharpen incent select good fund manag invest fund effect ecf make posit return privat investor lose monei unit kingdom believ power commerci incent altern model lower proport public invest public fund risk privat invest privat investor monei back loss make fund includ kei aspect fund structur competit bid process unit kingdom pai minimum fund manag charg subordin bid process set minimum requir pari passu loss posit prioritis return public includ flexibl applic altern term gener public open possibl privat investor expos greater downsid risk public anticip leverag requir bidder show prove attract investor fund unit kingdom note respons member state highlight desir updat current commun risk capit market european union chang markedli public commun view unit kingdom agre fundament revis commun revis tranch size issu balanc privat sector risk compens greater public fund greater instrument block exempt unit kingdom consid ecf scheme make import contribut tackl remain import barrier innov entrepreneurship meet goal set lisbon entrepreneurship action plan ecf scheme meet recommend kok report note financ sme europ lend base call risk capit unit kingdom conclud support shown public privat sector member state oper ventur capit market posit reflect invest vehicl ecf type vi assess measur commiss examin scheme light articl ec treati basi commiss commun state aid risk capit result assess summaris vi legal notifi scheme uk author compli oblig articl ec vi exist state aid provis commun assess presenc state aid possibl measur confer aid level aid investor aid fund vehicl measur oper aid compani invest level investor commiss consid state aid mean articl ec treati involv state resourc demonstr fact uk author provid public leverag enterpris capit fund privat investor enterpris capit fund undertak mean ec treati entitl higher return public receiv advantag person organis debar invest fund limit size fund guarante potenti invest accept commiss consid select final scheme affect trade member state invest capit activ subject consider trade member state level fund commiss gener view fund vehicl transfer aid investor enterpris invest aid beneficiari case notabl measur involv transfer favour exist fund numer divers investor fund charact independ enterpris present scheme enterpris capit fund newli creat prevent diversifi activ intend scheme commiss enterpris capit fund separ aid beneficiari principl line commiss decis quot viridian growth fund quot quot coalfield enterpris fund quot quot commun develop ventur fund quot level compani invest commiss consid state aid mean articl ec treati state resourc involv invest fund beneficiari sme public fund measur distort competit confer advantag beneficiari sme obtain risk capit fund condit volum measur select target specif sme unit kingdom measur potenti affect trade member state possibl target sme engag engag activ involv intra commun trade commiss conclud state aid mean articl ec present level investor level beneficiari sme vi evid market failur line provis commun commiss prepar accept exist market failur provis evid case tranch financ enterpris risk capit measur wholli partial financ state aid maximum eur assist area eur articl area eur million articl area measur propos unit kingdom forese risk capit invest rang gbp eur gbp million eur million invest tranch sme unit kingdom quot region aid map quot unit kingdom unit kingdom consist region classifi assist area pursuant articl ec treati assist area pursuant articl ec assist area line provis commun commiss inform unit kingdom view fact propos risk capit invest present scheme exce mention threshold anticip commun unit kingdom provid evid market failur argument put forward unit kingdom observ made parti demonstr exist market gap invest rang gbp eur gbp million eur million summaris econom rational equiti gap risk capit market sme import singl sourc extern financ sme bank debt princip form overdraft fix term loan account half extern financ bank debt suitabl busi gener suffici cash flow servic interest payment avail debt financ improv significantli past decad real evid firm difficulti assess bank financ lender face consider uncertainti assess prospect individu busi reli collater support sme lend borrow lack establish track record busi busi owner offer suitabl secur market imperfect debt market aris inform asymmetri lender partial inform prospect busi inform asymmetri lender unabl quantifi level risk involv sme difficult assess qualiti invest proposit harder charg interest rate accur reflect level risk involv bank typic make lend decis basi criteria credit histori past bank account manag applic track record busi willing invest monei busi evid repay capabl base busi plan individu previou track record person capit invest busi result lender place signific emphasi entrepreneur willing provid collater underwrit loan lender relianc collater enabl busi secur debt financ approach sme lend creat difficulti entrepreneur lack suitabl asset offer secur debt asset base financ suffici meet firm import minor requir equiti financ equiti investor inject capit exchang share busi enabl receiv proport futur profit form financ busi earli stage develop gener suffici stream revenu servic debt interest repay busi develop technolog product market potenti achiev substanti rate growth signific risk failur equiti financ account cent extern financ sme statist underst import modern enterpris economi busi equiti financ highli innov potenti make import contribut product growth addit financ provid ventur capit accompani manag support advic expertis equiti financ import driver growth individu busi wide economi strong bodi evid structur featur privat equiti market give rise signific grow quot equiti gap quot face busi seek modest amount growth capit structur relat suppli demand side market inform problem highlight debt market applic equiti market suppli side commonli issu involv inform asymmetri transact cost percept risk reward quot inform asymmetri quot equiti investor face signific cost identifi suitabl invest opportun inform problem typic greatest smaller younger firm innov busi seek develop unproven technolog product market inform difficulti present signific impedi smaller scale equiti invest cost invest vari proportion size invest comparison larg compani quot public stock market flow inform small unquot compani seek invest limit investor incur signific search cost seek suitabl opportun difficult assess prospect busi manag team product technolog unproven equiti investor make inform invest choic undertak process due dilig inform gather cost vari proportion size invest smaller invest prohibit larg rel potenti financi reward make invest final invest busi equiti investor monitor ongo perform invest take seat board contribut signific time effort provid manag support busi manag team inexperienc make import contribut perform investe busi cost vari proportion invest size signific fix cost involv make equiti invest negoti term invest put place legal agreement quot transact cost quot fix cost transact cost tend milit invest smaller sum invest decis driven percept risk financi return investor incorrect expect result optim alloc capit demand side constraint equal signific limit flow equiti financ investor sme research highlight number issu deter small busi seek equiti capit loss control restrict manag freedom concern commonli cite sme cost secur equiti financ lack knowledg extern sourc financ common obstacl busi activ seek equiti invest constrain lack quot invest readi quot sme hamper limit awar understand form risk financ access insuffici develop poorli present busi plan inadequ busi prepar plan deter potenti investor increas inform due dilig cost involv equiti gap aris viabl busi unabl attract invest inform investor ventur capitalist princip sourc equiti financ sme inform investor busi angel inform investor access limit financi resourc gener invest small amount equiti contrast formal ventur capit investor typic incur greater cost evalu potenti invest structur reason mention cost prohibit busi seek modest amount equiti financ equiti gap affect busi seek sum monei financi mean inform investor level viabl ventur capitalist invest evid upward move equiti gap uk ventur capit market recent bvca data larg mbo fund show good return longer term averag return earli stage technolog fund continu depress perform invest stage fund focus earli stage invest made averag return compar averag year return averag year return fund specialis develop stage invest record averag return compar averag year return averag year return time fund concentr mbo manag bui out perform significantli mid size mbo averag return compar averag year return averag year return differ evid larg mbo averag return averag year return return figur year period data present underlin current pattern uk ventur capit market ventur capit provid migrat larger deal size return higher widen equiti gap smaller scale earli stage expans invest larger scale invest establish compani trend larger invest size underlin recent figur invest activ unit kingdom averag financ stage invest increas gbp million eur million gbp million eur million explain fact smaller scale expans stage invest fell gbp million eur million gbp billion eur billion averag amount receiv expand compani fell gbp million eur million gbp eur million total fund rais vast major gbp billion eur billion invest mbo mbi alloc report anticip gbp million eur million invest expans stage compani compar earli stage invest total fund rais gbp million eur million compar mbo mbi categori expect alloc largest mbo mbi gbp million eur million total deal compar alloc mbo mbi gbp million eur million gbp million eur million alloc mbo mbi gbp million eur million gbp million eur million compar mere alloc mbo mbi gbp million eur million declin invest perform present led earli stage ventur investor pull market highlight fact averag financ stage invest steadili move upward reach gbp million eur million investor uk ventur market invest larger sum monei typic attempt reduc risk contribut widen equiti gap amount fund rais invest earli stage ventur opportun fallen gbp billion eur billion rais invest earli stage ventur capit opportun compar gbp million eur million gbp million eur million rais target deal gbp million eur million decis initi procedur laid articl ec treati respect propos aid measur commiss state view propos maximum invest amount propos scheme consider exce maximum invest amount anticip commun potenti observ made interest parti order decid measur affect trade condit extent contrari common interest comment receiv interest parti posit underlin import measur gener appropri propos maximum invest amount take account inform present initi notif comment submit interest parti addit inform deliv unit kingdom commiss decis open procedur pursuant articl ec treati commiss conclud unit kingdom provid suffici evid exist equiti gap deal size rang gbp eur gbp million eur million ventur capit market unit kingdom vi compat measur conform posit element commun restrict invest ecf restrict invest small medium size enterpris commiss definit consid posit focu risk capit market failur ecf requir invest capit sme mean equiti quasi equiti instrument invest compos wholli debt instrument equiti featur permit commiss consid posit element decis invest profit driven link invest perform remuner commerci manag respons invest decis establish public author involv invest choic decis make ecf set restrict ensur invest limit sme invest decis commerci manag ecf interest ensur maximum return fund administr bodi sb approv ecf oper clear incent maximis return term public author invest ecf give privat investor strong incent ensur fund profit driven perform successfulli incent aris privat investor pai interest public capit fulli repai capit public privat investor profit distribut result privat investor bear proportion share loss made ecf ecf oper requir act line industri standard british ventur capit associ bvca guidelin element assess posit level distort competit minimis uk author ensur ecf scheme publicis applic invit eea notic offici journal european union relev trade press restrict locat investor oper consid posit element sector focu enterpris capit fund invest sensit sector state aid restrict sector commun appli low risk sector includ properti land financ invest compani financ type leas compani elig invest scheme regard posit invest basi busi plan invest undertaken ecf made basi robust busi plan posit element avoid cumul uk author commit beneficiari sme elig publicli fund grant loan form invest aid notif reduc aid intens permiss commiss consid posit element vii conclus commiss conclud aid grant enterpris capit fund scheme fulfil condit commiss commun state aid risk capit found measur compat common market pursuant articl ec treati adopt decis articl state aid unit kingdom plan implement compat common market pursuant articl ec treati implement aid authoris articl unit kingdom submit annual report implement aid articl decis address unit kingdom brussel commiss neeli kroe member commiss oj footnot definit quot small medium size enterpris quot uk author purpos scheme correspond fulli definit term annex commiss regul ec januari applic articl ec treati state aid small medium size enterpris oj oj oj oj ff state aid unit kingdom quot region aid map quot oj quot assess scale quot equiti gap quot uk economi quot quot assess financ gap quot footnot commiss decis ec februari aid scheme quot viridian growth fund quot notifi unit kingdom state aid oj state aid oj state aid oj state aid unit kingdom quot region aid map quot footnot bank england quot financ small firm tenth report quot bvca quot perform measur survei quot bvca quot report invest activ quot