Factoring and invoice discounting firm City Invoice Finance has announced the launch of a £10 million seed fund to help start up Midland businesses.
The fund will provide capital to cover set-up and development costs, as long as business owners can prove they have realistic plans for growth.
John Curtis, regional sales manager for the Midlands said: "Start-up businesses are finding it increasingly difficult to source initial funding to cover the cost of setting up their businesses.
"Part of the problem is that banks do not want to lend or provide overdraft facilities to companies that don't have trading histories.
"We believe that earmarking this money specifically for start-up businesses will provide easier market entry for companies that could grow into the enterprises of tomorrow."
