BURY companies seeking vital funding can now venture forth thanks to this week's launch of the North West Equity Fund (NWEF).

It means that expanding small and medium-sized enterprises (SMEs) throughout the region can tap into this new source of risk capital.

The establishment of the new venture capital fund has been sponsored by the North West Development Agency (NWDA).

The Agency has appointed experienced fund manager WM Enterprise to raise and manage the fund which has reached the initial first target of £30 million.

The fund is seeking to make initial investments of up to £250,000 in SMEs and will consider investment opportunities at any stage from start-up to the development of established companies, management buy-outs and buy-ins.

Investments are permitted across a wide spread of manufacturing and service sectors.

There are, however, a limited number of sector restrictions, notably in property development, hotel and residential nursing home care, primary agriculture and financial services.

Major investors in the fund include Barclays Bank, Greater Manchester and Merseyside Pension Funds, AstraZeneca, European Investment Fund and DTI.

Bury companies wishing further details can contact the NWEF investment team directly on 01925 759246 or log on to www.nwef.co.uk.

For help in preparing an application to the fund and/or other appropriate sources of equity finance, contact the NWDA's business finance and Techinvest team on 01925 400301 or 400302.