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14/04/2004
Multi-million pound package to help SMEs in deprived areas
Small businesses in deprived areas will get more support through a £10.5 million fund, it has been announced today.
Potential entrepreneurs and small to medium-sized firms which are unable to get the finance they need from banks and other conventional sources are set to benefit from the award.
Given the right backing, these enterprises can have a positive impact on the local community, the government has said.
The multi-million pound funding package be divided to SMEs through the network of Community Development Finance Institutions (CDFIs).
Small Business Minister Nigel Griffiths said: "CDFIs are helping us to provide enterprise opportunities for all, and ensure that the best possible support is in place for those who want to start or grow their own business - no matter what their background."
The funding announced today comes from the Small Business Service's 'Phoenix Challenge Fund', and takes the total support to £42.5 million over the last two-and-a-half years. It is intended to help broaden funding opportunities for underrepresented groups, such as women entrepreneurs, black and minority ethnic businesses and social enterprises, which are often unable to access mainstream financial support.
Community Development Finance Institutions that will benefit from today's announcement include a new one in Cumbria that will support new and expanding businesses with a focus on rural diversification and the North London Chamber & Enterprise Credit Union that supports businesses in the disadvantaged areas of Haringey, Enfield, Barnet and Waltham Forest.
(gmcg)
Potential entrepreneurs and small to medium-sized firms which are unable to get the finance they need from banks and other conventional sources are set to benefit from the award.
Given the right backing, these enterprises can have a positive impact on the local community, the government has said.
The multi-million pound funding package be divided to SMEs through the network of Community Development Finance Institutions (CDFIs).
Small Business Minister Nigel Griffiths said: "CDFIs are helping us to provide enterprise opportunities for all, and ensure that the best possible support is in place for those who want to start or grow their own business - no matter what their background."
The funding announced today comes from the Small Business Service's 'Phoenix Challenge Fund', and takes the total support to £42.5 million over the last two-and-a-half years. It is intended to help broaden funding opportunities for underrepresented groups, such as women entrepreneurs, black and minority ethnic businesses and social enterprises, which are often unable to access mainstream financial support.
Community Development Finance Institutions that will benefit from today's announcement include a new one in Cumbria that will support new and expanding businesses with a focus on rural diversification and the North London Chamber & Enterprise Credit Union that supports businesses in the disadvantaged areas of Haringey, Enfield, Barnet and Waltham Forest.
(gmcg)
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