Welcome > Business Support > Ready For Business
The purpose of the programme was to support the creation of 10,000 jobs through the provision of support to nascent entrepreneurs to enable them to become ready for investment, and in particular to meet the objectives of the Regional Growth Fund in supporting of the creation of new, sustainable private sector jobs in areas vulnerable to public sector job losses.
At the time of the proposal, very little lending was being made by banks to small businesses generally and the private lending market to pre-start and early-stage businesses had all but disappeared.
With that in mind, the Cavendish Enterprise (trading name of Cavendish Consortium Ltd) reached agreement with Barclays Bank plc to create a specialist lending facility for ‘graduates’ of the programme. The programme had the following key outputs:
- Introductory advice/training (target 24,000 potential owners)
- Diagnosis of needs and readiness (target 8,000)
- Businesses started (target 6,000)
- Mentors engaged to support these businesses (target 5,700)
- To create additional jobs in those new businesses (target 4,000)
- Subsidiary targets included the generation of £120m of investment in the businesses, half through borrowing and half from equity sources and to lever £1.05m into the programme from the private sector to undertake the introductory advice and training
The contract was agreed in July 2012. Delivery continued until March 2015.
- 10,125 employment outputs were achieved against a target of 10,000 in the 100 local authority areas in most need of rebalancing
- The programme helped to create over 50 businesses a week and a further 25 jobs each week in those new businesses for over 2.5 years
- The value for money of this programme was remarkably good:
- The cost per employment output created was £1,480 (target £1,500)
- The cost per business created was £1,485 (target £1,500)
- For each £1 spent by BIS on the programme, a further £2.72 of private funding was levered
- All headline KPIs were attained
Read full evaluation of the reports here: