To deliver on these initiatives, the new agency has hired an independent board to run the Department’s seven Enterprise Capital Funds (ECFs), with some £600 million under management. The body is also responsible for the government-backed Small Firms Loan Guarantee Scheme, which controls £800 million of guaranteed loans.
Chairman David Quysner said the new agency would operate on a commercial basis and is planning to raise a new round of ECFs. The funds use public money to attract private investment into fast-growth companies looking for backing of up to £2 million, including a fund that will invest in women-owned businesses.
BERR was established in June 2007 by Gordon Brown shortly after he became Prime Minister to replace the Department for Trade and Industry.