Small and medium-sized businesses (SMEs) in the technology sector are to receive cash investment as part of a new initiative announced today.
Prime Minister Gordon Brown revealed the UK Innovation Investment Fund as part of the larger Building Britain's Future proposals.
Businesses in digital and life sciences, advanced manufacturing and clean technology will all be eligible for financing and small firms and start-ups are the focus of the project.
Mr Brown said: "It will provide crucial support for our most promising start-ups and existing small companies just when they need it most."
The scheme would also help the UK to be more competitive in the future, he added.
Investment of £150 million will be provided by the Department for Business, Innovation and Skills, the Department of Energy and Climate Change and the Department of Health. An equal amount of funding is to be given by the private sector.
In recent news, it was revealed by debt-handling firm Lovetts that late payments were most likely to have an impact on SMEs.
