Local enterprises given a boost through social investment fund

Local enterprise partnerships in the UK have been given a boost through the distribution of a social investment fund.

The Department for Business, Innovation and Skills distributed a £5 million start-up fund to local authorities across the UK yesterday (August 2nd).

Local authorities are expected to use the social investment to fund training and other initial costs as they try to get businesses up and running.

The government had received 32 proposals from the partnerships amounting to £5.5 million. Eighteen of these partnerships have been offered the full quantity they asked for, while 14 received a reduced sum.

Mark Prisk, business minister, said: "It's important we give local enterprise partnerships, such as the Cornwall and the Isles of Scilly partnership, as much support as we can as they set themselves up and identify what their priorities are."

The start-up fund is a one-off pot of money for local partnerships that showed how they would become self-sustaining in the future.

Business in Birmingham could soon be booming as a new Enterprise Zone has been set up there by the government.

This means the region will enjoy superfast broadband, reduced business rates and lower levels of planning control.

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