New funding opportunity for small businesses

A FUND THAT HELPS set up small businesses in Hull is set to expand to cover the East Riding in the New Year.

The Acorn Fund, which was launched in Hull in 2004, has supported more than 900 businesses in the city over the past six years. The fund provides financial support to small start-up businesses and existing businesses excluded from traditional sources of commercial funding.

Funding will usually be provided through flexible loans from very small amounts to upwards of £10,000 in appropriate cases. A key strength of the Acorn Fund is its ability and willingness to be completely flexible with its terms of support to suit individual businesses, together with its speed of response.

According to the Acorn Fund's guidelines, eligible businesses must show that they are unable to obtain the necessary funding from traditional sources, must have the potential to create new jobs and have a good chance of sustaining the business beyond the short term.

Councillor Andy Burton, portfolio holder for economic development and regeneration, for the East Riding Council said: “The fund will be linking up with the council’s business centres, where our trained business advisers will be able to provide advice and information, discuss eligibility for the fund with businesses and process applications.”

The Acorn Fund is a community development finance initiative and not-for-profit company, managed by Hull Business Development Fund Ltd, a subsidiary of the Hull and Humber Chamber of Commerce.

For further information, contact Adrian Shaw, business services manager, on (01482) 391710.