ENTERPRISE chiefs were both winners and losers in this week’s Budget.

But the York, North Yorkshire and East Riding Enterprise Partnership (LEP) said it would continue with its plans to help businesses grow through a sustainable, privately funded initiative.

The LEP was awarded £3 million in the Budget from the Growing Places Fund, to loan to businesses to enable job creating projects.

It was already alloted £6 million from the fund and requested bids from businesses in February.

However, the LEP had hoped also to get £3.25 million of funding from the Department for Environment, Food and Rural Affairs (Defra) to establish a network of enterprise centres.

The unsuccessful bid to Defra’s Rural Growth Network was aimed at transforming under-utilised properties into dynamic hubs of enterprise led by the private sector.

Barry Dodd, chairman of the LEP, said: “It is a great disappointment that Defra didn’t recognise our vision.

“However, we didn’t develop our approach to chase funding.

“We want to do it because it’s the right thing to do.

“We will press on with our plans to develop hubs of support based in the local business community.

“Although the funding would have been a big help, there are plenty of opportunities remaining to develop our approach, because what we’re proposing is good for business.”

The enterprise partnership will outline its revised plans for establishing a network of enterprise hubs across all communities in the area, not just rural settlements as dictated by Defra, in the coming months.

Tim Frenneaux, enterprise partnership manager, said without the funding, and the rules it imposes, the enterprise hubs would also be established in York and Harrogate, which Defra does not consider to be rural.

He said the hubs may be unused space in a law firm’s premises, for example, or hosted by investors or business support organisations.

Businesses, which are currently based at home could use desk space on a flexible basis, enabling them to network with other businesses and service providers and raise their aspirations for growth.

What it all means

THE Budget will be explained to businesses at an event being held by accountancy firm JWPCreers LLP and SCY on Thursday.

The Budget: Prospects & Challenges 2012 will start at 5.30pm at The Ron Cooke Hub, on the University of York’s Heslington East campus.

Professor Karen Mumford, the Labour Economist in the Economics & Finance Department of the University of York, David Littlewood from JWPCreers Wealth Management, and Jean Jesty, the practice’s partner and head of tax, will speak at the event. Book at jwpcreers.co.uk or phone 01904 717260.