March 21, 2012 3.47 pm This story is over 140 months old

New support scheme for startup businesses

Free advice: The City of Lincoln Council Executive will make a decision whether or not to back a free advice scheme for new businesses in Lincoln.

City of Lincoln Council are one of the founders of local business hub, Think Tank, which cost £7.1m

Free professional advice for startup businesses in Lincoln is up for approval by the City of Lincoln Council.

The Start-Up Business Support Framework is already backed by North Kesteven, East Lindsey and West Lindsey District Councils, and the City of Lincoln Council will meet on March 26 to make its decision whether or not to participate.

Any residents in the city intending to set up their own business would choose from a list of approved suppliers, who would offer at least one hour of free business advice.

The scheme aims to fill the gap left by the withdrawal of Business Link in 2011 and a budget of £8,000 will be allocated to promote it within the city if participation is approved.

Over 90% of businesses in central Lincolnshire are small businesses employing fewer than ten people, and the area needs 200 new businesses each year in order to maintain existing levels of business numbers.

Business advice in Lincoln would be targeted at those in priority sectors – engineering and manufacturing, tourism and retail, creative and innovative industries, green and environmental technology, skills and training, and community cooperatives and businesses.

City Councillor Neil Murray said: “We know that small and medium-sized businesses are the lifeblood of our city’s economy, and we also know that Lincoln is a very attractive place to start up such a business.

“Free, trustworthy advice at the start of your business venture is invaluable, so it will be great to work with our district council partners with this scheme.”

The scheme would supplement the council’s current investment in economic sustainability, managing premises such as Think Tank and the Terrace, as well as organising events such as the Engineering Breakfast.

Source: City of Lincoln Council