Association of Investment Company figures show that GBP340m was raised by the venture capital trust sector during the 2009-2010 tax year, more than double the GBP158m raised in the 2008-2009 tax year.
The figure is the fourth highest amount since VCTs were first launched in 1995.
Ian Sayers (pictured), director general of the AIC, says: “This year’s impressive fundraising will increase VCTs’ capacity to support companies which find it difficult to raise development capital. It is particularly valuable given banks’ continued reluctance to lend to small businesses. This money will support enterprises across the UK in key growth sectors, help create jobs, develop export markets and increase investment in research and development.
“This year’s fundraising demonstrates investors’ continued willingness to support VCTs. Whatever the outcome of the General Election, policymakers should maintain their position alongside other policy initiatives designed to support future economic growth and, in the long term, help rebuild the public finances.”
