Public sector employees facing redundancy are being encouraged to start their own business with the help of a new government-backed initiative.
The Ready for Business scheme, funded with £15 million from the Regional Growth Fund and £1 million from Barclays, is targeting areas "disproportionately affected by the downturn in the economy".
It is offering a package of support to help people transition from employment to setting up a business, which includes one-to one-advice, mentoring, access to finance support and business planning.
Although business funding will not be directly available, Barclays has ring-fenced loans for individuals graduating from the scheme. While the bank’s usual lending rules apply, organisers said: "The strength of [the programme graduate’s] business plan should put them in a better position than without the support the programme provides".
The scheme will be run by organisations such as the National Enterprise Network and a group of enterprise agencies known collectively as the Cavendish Consortium.
Kevin Horne, the Consortium’s chairman, said that it was fantastic that enterprise support organisations would now be able to increase their reach through this new RGF-funded programme in order to provide a unique and dedicated support package to a large number of future start-ups.
"With the commitment made to this programme, government has demonstrated the value it places on start-up businesses and the role they play in business growth. We are incredibly proud to have been successful in our bid to support additional start-ups through the development of this new programme," he added.
