NEW ventures in York – prepare for rescue from The Whyte Knight.

The Whyte Knight is the new tag for what was the York 4 Business Enterprise Fund, which now offers £300,000-worth of match-funded loans to people willing and able to strike out on their own.

The name honours Norman Whyte, chief executive of the York Business Advice Centre, father figure and mentor to hundreds of budding and now thriving businesses over the years.

A marketing campaign has now begun, calling on people to take advantage of the fund, which consists of £200,000 organised by York Business Development, City of York Council and Aviva Plc, plus £100,000 offered in services by members of the York Professionals.

It comes as new figures show that about 1,000 more people became jobless in York and North Yorkshire over the past month.

Backers of the Whyte Knight Fund want to encourage the establishment and growth of new businesses “and assist those who have been made redundant or are unemployed”.

New ventures – under three years old – and people preparing business plans for enterprises of their own can apply for the fund online at ybac.co.uk.

Repayments would be a mere one per cent above base rate, or 2.5 per cent, whereas the sky is the limit on commercial rates.

Mr Whyte said: “Now that our marketing has begun in earnest, we are hoping that applications will come pouring in.

“In spite of what we hear from the politicians, I am not sure that the banks are rushing to help small businesses.

“There is a plan to extend the Government’s loan guarantee scheme but that won’t come into operation until March and one of the criticisms about that scheme is that it is complicated.

“If you have a business staring down the barrel of a gun there is no one around to help you next week.

“Ours will be a fairly rapid turnaround, as supported applications are considered by a virtual panel.

“We are ready, willing and able to make a difference.

“As President Barack Obama says: ‘We are going to make it work’.”