KC Fund passes £100,000 mark

START-UP fund KC Invest has loaned £100,000 in its first year of operation.

The fund has supported 13 businesses between them employing 40 people after being launched last year by telecoms firm KC.

KC finance director Sean Royce said: “Funding for SMEs has been at the top of the government’s growth agenda since the start of the recession, but initiatives aimed at promoting bank lending by incentivising the big five high street banks have been largely unsuccessful. 

“Private sector funding schemes like KC Invest have the potential to transform the UK lending and business landscape.”

KC has put £300,000 in the fund which is matched with £300,000 from the European Regional Development Fund.

Audiovisual equipment installation firm Electric String is among the businesses to be helped by the fund.

Founder James Ward said: “It’s vital for small businesses and startups to be able to access the finance they need to grow, especially in the early stages and since the initial investment Electric String has been able to take on more staff and plan for the future.”