Commission searches for Business Angels
The European Commission, Directorate-General XXIII, has launched a programme under the Third Multiannual Programme for SMEs (small and medium-sized enterprises) to promote networks of Business Angels, which will enable SMEs to have access to a source of financing other than banks and risk capital. Business Angels are entrepreneurs who have sold their own enterprises and who, although they do not want to start up a new enterprises themselves, are ready to help young entrepreneurs to do so. The Commission is willing to finance up to 50% of the cost of feasibility studies relating to the creation of these networks, as well as up to 50% of the cost of pilot projects aimed at setting up a national or regional network. Persons wishing to participate in this programme must send in a form before 30 September 1999 (for further details, please consult the Official Journal No C 263 of 20.8.98).