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Cash windfall to boost enterprise

Norwich has been awarded almost £9m of government cash to help boost its number of entrepreneurs.

The city has low rate of business start-ups, with Norwich's economy regarded as over reliant on its biggest companies for employment.

The money from the Local Enterprise Growth Initiative (Legi) is designed to develop a more enterprising population, and remove some of the barriers which are stifling business growth.

Measures include the creation of an enterprise centre in the city centre, with greater access to business support, as well as measures to encourage more young people to consider starting up their own business.

Around £100,000 a year will be made available in loans for business people who are unable to access conventional funding, and there will be measures to encourage companies to use local suppliers and a campaign to persuade consumers to buy local products.

Cash will also be available to help refurbish and revitalise run-down shopping areas across Norwich.

The three-year programme will include the appointment of four business mentors to help support new and growing businesses modelled on the Bizz Fizz mentoring programme in Bowthorpe.

Norwich City Council led the bid for the cash with a number of partners from the public and private sector including Norfolk Chamber of Commerce, Norfolk and Waveney Enterprise Services, Jarrold & Sons and Norfolk County Council.

It followed research by Mori and London South Bank University into the Norwich economy, including face-to-face interviews with 350 city businesses.

The project has secured an initial £8.9m over three years, but this has the potential to become £23.4m over the next 10 years.

Steve Morphew, leader of Norwich City Council, said:

"Norwich is on the cusp of huge opportunity and growth potential. The Legi money will unlock opportunities for those who aspire to grow their own business and inspire others to turn ideas into enterprises that grow our economy.

"It will ensure that local people in deprived areas are able to fully engage in and benefit from Norwich's economic success. This is very good news for Norwich and an important part of meeting the sustainable growth challenge."

Norwich was one of 10 successful bidders nationally.

It follows the success of Yarmouth, which was awarded £8.2m in February in the first round of funding under the Legi programme.

The Yarmouth scheme aims to increase the number of people setting up in business, and improve access to business support. It also aims to improve the amount of products bought locally and provide community support officers for the business districts of the town to reduce crime.

Other measures include introducing more enterprise training into schools and helping provide more work experience for young people.

More info: Article taken from business.edp24.co.uk/

Posted: 8th Dec 2006