"Fast-growing small companies that are facing a shortage of expansion funding will be able to compete for investment from a new venture capital operation based in Scotland.

Edinburgh-based Panoramic Growth Equity has raised £34m, which it will use to provide equity funding for established small firms across the UK.

The fund is expected to provide an important source of support for small firms at a time when many have been hit hard by the continuing fall-out from the credit crunch.

Business leaders have claimed repeatedly that the resulting retrenchment by banks has left many firms struggling to raise debt on affordable terms.

While some business angels have tried to fill the gap, this has meant that the funds that they ear-marked to provide equity investment have come under increased pressure."

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