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Business News of Tuesday, 31 August 2010

Source: GNA

Entrepreneurs urged to take advantage of venture capital Trust Fund

Cape Coast, Aug. 31, GNA - Mr Richard Lasi, Member of Parliament for Keta East and a Board Member of Venture Capital Trust Fund has urged entrepreneurs to take advantage of the Venture Capital to help grow their businesses.

He said the Venture Capital Trust Fund (VCTF) which was established in 2004 was to provide financial support through credit and equity financing to Small and Medium Scale Enterprises (SMEs).

Mr Lasi, who made the call at the "2010 Road Show for Venture Capital Trust Fund" in Cape Coast on Monday, said the VCTF existed to provide financial resources for the development and promotion of SMEs.

He noted that the vision of Venture Capital was to create a vibrant and a well structured venture capital industry that could boast of investments in various sectors leading to poverty reduction through job and wealth creation with a collateral growth in government revenue.

Mr Lasi said the VCTF operated through institutional partnerships by means of joint venture arrangements and that it was by it that the Venture Capital Finance Companies were established.

For his part, Mr Anthony Siaw, the Fund Manager, said the Venture Capital has a format of financing where it invests in a business in a form of equity to help grow it either on medium or long term, and later exit to allow the owner to operate his own business.

He said except those who imported goods for sale, everyone qualifies to engage the services of Venture Capital be it existing or new company.

He urged businesses desiring to source funding from the Fund to appoint mentors for the business or cooperate mentorship programmes to get clear understanding for the growth of their ventures.

He stressed the need for prospective businessmen to provide among others things, application letter, business plan, audited financial statements and tax clearance certificates before they could qualify for membership.

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