Next stage for LEGI in Sheffield
17th December
BiG – Make it Your Business, Sheffield’s Local Enterprise Growth Initiative – along with other LEGI areas - has received extra funds to take it through to the next comprehensive spending review in 2010/2011.
Sheffield’s initial bid received £18.25m for the first three years of a potential ten year programme which started this year.
The funds for year four that have just been released are worth £6.2 million to Sheffield, resulting in a £24.4 m total budget overall. This is in line with the funds requested in the original bid to Central Government. Revenue funding which was previously provided by LEGI will now be paid as part of the new Area Based Grant and therefore not subject to ringfence restrictions.
Sir Robert Kerslake, Chief Executive of Sheffield City Council said “This is great news for Sheffield. BiG is precisely what the city needs to ensure a new entrepreneurial spirit will flourish by providing a set of business support activities tailored to the needs of residents in more deprived neighbourhoods that seeks them out and nurtures their development.”
Vince Taylor, Interim Director of BiG – Make it Your Business, said: “We are bringing together the national LEGI winners in Sheffield in early February to discuss where we go from here and how we can collectively contribute to the national debate on regeneration in deprived neighbourhoods. This is especially important as the new Working Neighbourhoods Fund has a strong emphasis on enterprise.”
The early signs of BiG’s impact are already emerging after just a few months:
- 200 people interested in starting their own business have received help from our eight new Neighbourhood Enterprise Champions. These, along with six business advisors, offer local residents and businesses free, personalised support from within the community. The aim is to offer the right help in the right place to people who want it – from someone who just has an idea, to the owner of a thriving business who wants to grow.
- Over 250 people entered the BiG Idea competition, which invited Sheffield residents to submit their business ideas to pitch for up to £100,000 of investment from a group of business angels.
164 teams from 18 schools and two colleges have entered the BiG Challenge – a competition which invites teams of pupils to take £25 and use it to start a business and make as much profit as they can. In March, the short-listed teams will be quizzed by local business people with the winners flying out to Harvard Business School in Boston USA.