Start-up businesses across Norfolk and Suffolk could have access to millions of pounds of funds to get them off the ground with the launch of a new initiative.

New Anglia Capital Ltd (NAC) is being heralded as a giant step forward for the region in creating opportunities for injecting capital into growing new businesses and the creation of sustainable, long term and quality jobs.

As part of the scheme, which is being officially launched at the House of Commons next Tuesday, a new not-for-profit company will provide start-up and innovative companies throughout Norfolk and Suffolk with access to creative sources of equity finance from locally based private investors coupled with matched funds from the public sector, which backers believe will fill a hole for SMEs and start-ups where it is difficult to attract funding.

The company, which brings together two existing initiatives, Venta and the Suffolk Investor Club, is working in co-operation with New Anglia LEP, creating a strong investment partnership and shared investment goals between the private and public sectors throughout the two counties to drive investment, innovation and jobs.

The hope is that each side will draw between £2million and £3m, which can then be used to support firms.

The move comes amid fresh concerns over existing lending, with the latest figures from the government's Funding for Lending Scheme showing a net reduction in lending over £300m in the first quarter of the year.

Harry Berry, pictured, New Anglia Capital's chairman, said: 'Britain's small and start-up businesses, which will create tomorrow's wealth and the jobs we so desperately need, cannot get the finance they require to grow. Investing in new businesses is inherently risky and often of little interest to the banks, particularly in the current tough economic climate. New Anglia Capital is a hugely exciting opportunity to bridge this gap.'

New Anglia LEP chairman, Andy Wood, said: 'This is a really exciting opportunity to bring together innovative business and investors in a pioneering development. We are the first Local Enterprise Partnership to have achieved this and help drive growth in this way.'

Investment options for growing businesses include loans, grants and co-equity positions where the level of matched funding depends on a deal-by-deal basis, with the funding provided by business angel investment.

Businesses and investors will be able to find out more at the New Anglia LEP's Growth! Business Conference on June 13 at the Green Britain Centre at Swaffham or by logging on to www.newangliabooking.co.uk.

The conference aims to bring together more than 200 business leaders to inform, inspire and question experts in their field, on the subject of growth highlighting the LEP's plan for growth for Norfolk and Suffolk.

To contact New Anglia Capital, call 01603 510087 or go to www.newangliacapital.co.uk.