£10.5m investment for start-ups
Apr 15 2004
Small businesses in disadvantaged communities around the country will benefit from a fresh round of funding from the Department of Trade & Industry (DTI).
The DTI has announced that a further £10.5 million, from the Phoenix Challenge Fund, will be invested in 25 schemes that will provide support to would-be entrepreneurs in deprived areas of England. This adds to the £6 million that was invested last October – click here for details of that investment – and also the recent £1 million put into the Phoenix Bursaries.
These schemes will add support to the network of Community Development Finance Institutions (CDFI), which assist start-ups and small businesses by providing finance to those who are unable to access funding from banks and other traditional sources. The aim of the CDFIs is to produce a positive effect on local communities by promoting entrepreneurship.
Small business minister Nigel Griffiths commented, "The government recognises that CDFIs have a vital role to play in providing finance to some of our most imaginative and tenacious entrepreneurs. CDFIs are filling a vital gap in access to finance in more disadvantaged communities, forming a bridge between the public and private sectors.”
The £10.5 million will be split between schemes nationwide, catering to female entrepreneurs, ethnic minorities and unemployed people, amongst other groups. For full details of the funding and all the schemes to benefit, click here.
(15/4/04)
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