Startup businesses in England have been boosted by the news that 31 organisations have been given government funding to set up incubator projects.
The government’s Small Business Service (SBS) announced that £500,000-worth of grants will be used to set up business incubators across England.
The grants, ranging between £7,000 to £28,000, will help attract potential lenders needed to finance the incubator schemes.
Ministers claimed that the new incubators will improve entrepreneurs’ access to startup finance.
Incubators nurture young companies, helping them survive during the startup period and grow into successful businesses. Entrepreneurs are offered management assistance, access to finance and support services.
The 31 organisations that received the funding are based in the West Midlands, the North West, East Midlands, Yorkshire, East Anglia, London, the South East and the South West.
Nigel Griffiths, the small business minister, welcomed the new funding.
“Business incubation gives hands-on support for small firms and is an integral part of the overall business support framework by helping those starting up in business to survive and grow.
“The grants will provide a boost to promoting business incubation, especially in areas where it is needed most – more than half will be put to work in Neighbourhood Renewal Strategy areas,” he said.
To find out more about the schemes, go to www.dti.gov.uk
