Big society bank to help Barnet businesses

A new innovation that takes heart from David Cameron's Big Society concept will set up a 'Business Bank Innovation Fund' to help young entrepreneurs in the London borough of Barnet to develop their business ideas.

Residents of the area have taken to the idea, with the project set to receive a share of £200,000 worth of funding from the first round of applications from the council's innovation bank.

It is hoped the scheme will see a slew of potential entrepreneurs set up shop across the borough, with young people set to be offered three months of practical training, support and mentoring from business experts.

The application for funding was spearheaded by Elevation Networks, which was determined to offer training and experience to disadvantaged youngsters who had dreams of becoming entrepreneurs.

Councillor Robert Rams, cabinet member for customer access and partnerships, said: "One of the Big Society Innovation Bank's core ideas is that of a small amount of support unlocking a great deal of potential. This project very much chimes with that idea."

He added: "I'm delighted that the Innovation Bank will be playing its role in unlocking the potential of would-be young entrepreneurs, especially during these testing economic times."

The grant will go towards paying for office space in Balfour House in north Finchley, which will include a library, meeting room, computer terminals and fax machines for young people to use.

A launch event due to take place today (February 14th) between 2pm and 6pm at Artsdepot and Balfour House is expected to be attended by none other than the Worshipful Mayor of Barnet himself.

Councillor Brian Schama and the minister of state for trade and investment Lord Green of Hurstpierpoint are also due to be present at the ceremony, which will celebrate the use of innovative schemes to help young entrepreneurs see their products on the shelves.

Published 12th March, 2013

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