BUDDING and small businesses in York and North Yorkshire are set to benefit from a massive new £101 million regional package of support.

Yorkshire Forward, the regional development agency, has announced its Business Support Scheme, as Europe comes on board with a £31 million contribution.

The money will provide a boost to organisations which support small and medium-sized ventures with practical help, information and advice at all stages of business development. It will apply mostly to eligible rural enterprises.

The funds will be administered by Business Links in York and North Yorkshire; West Yorkshire; and East Yorkshire and the Humber.

It comes at a good time for Business Link York and North Yorkshire, which reports that it has £5 million worth of business support projects in the pipeline just waiting for the money and approval.

Many of these involve advice and information on product and process development, ICT, best business practice and support for high growth businesses, family ventures and start-ups.

It is still not known what share North Yorkshire will receive, but there is speculation that it could be about £7 million.

Business Link York and North Yorkshire will work closely with organisations like the York and North Yorkshire Chamber of Commerce and local authorities.

Targeting likely growth businesses, the new support services will, according to Yorkshire Forward, "boost business development in priority sectors such as bioscience, food and drink, rural renewal, tourism-related industry, social enterprise, innovation, young entrepreneurs, ICT and e-commerce."

Michelle Cusick, North Yorkshire Business Link's Objective 2 programme manager, said: "This represents a significant investment in North Yorkshire's economic future. Access to these new services will allow local businesses to establish, develop and grow through a tailored package of support."

But the new services should only be available from next summer. Anyone who needs to find out more, should contact Business Link York and North Yorkshire at 01904 656769.

Updated: 09:12 Wednesday, March 19, 2003