SME IT venture capital proposed

Philippine senator Loren Legarda proposed the creation of an IT venture capital fund for small to medium-size IT start-up companies in order to encourage more Filipinos to venture into the very dynamic industry of IT, writes Philippine Information Agency.

"There is a need to widen the participation of the poor in the IT sector, particularly through entrepreneurial activities. The proposed fund, which amounts to one billion peso, shall be administered by the Department of Science and Technology."

Legarda filed a bill to accelerate the development of IT start-up companies by providing an IT venture capital fund - to assist entrepreneurs and likewise provide incentives for the proliferation of IT-related businesses throughout the country, thereby increasing connectivity, particularly in underserved areas.

Initiatives on SME financing will now be a part of the Asia-Pacific Economic Cooperation (Apec) agenda, thus gaining the attention of the region's top leaders, reports the Star Online.

"I am proud that our efforts have succeeded," says Tan Sri Azman Hashim, co-chair of the Apec Business Advisory Council's (Abac) finance and economics working group.

The Abac has sought for more action to improve SME access to finance and technology. They believed that the growth of SMEs, which form the majority of businesses in the region, will spur greater economic integration.

Para Finans Factoring general manager Tarik Degirmenci said in a written press statement that Turkey's SMEs do not currently receive enough support and require financial and technological development, according to Hurriyet, reveals Balkans.

Degirmenci said until Turkey's SMEs, which constitute a significant part of the nation's industry, receive an appropriate amount of technological and financial support, they will continue to find it difficult to "compete with traditional industry."

Although it is generally acknowledged that industry should keep up with the global economic developments and technological advancements worldwide, SMEs in Turkey do not receive sufficient financial consultation, he says.