Barclays unveils £60m start-up funding stream
Barclays has announced new funding of up to £60m for start ups in England over the next three years.
It said the capital was expected to support the creation of 4,200 new businesses by providing them with growth finance.
The money will support a new partnership between the bank, a consortium of enterprise agencies and the National Enterprise Network.
The enterprise network has secured an additional £15m from the Regional Growth Fund to support business growth on top of the £60m being provided by Barclays.
Alongside the funding, the partnership will also deliver a programme of enterprise seminars in areas across the UK which have been identified as particularly affected by the recession.
The £60m funding is earmarked for entrepreneurs who complete a programme of training and have a viable business plan endorsed by a business mentor.
The initiative as a whole is set to create 6,000 new businesses and 4,000 new jobs over a three-year period while a further 24,000 people will have the opportunity to attend business seminars run by Barclays.