The funding agreement between the council and MHCLG will result in financial support in the form of grants and non-financial support such as mentoring, consultancy, and workshops to businesses in the bio science and social enterprise sectors in East Hertfordshire.
Running costs of Launchpad, which is run by the council and offers flexible working space in Bishop's Stortford and Ware, will also be covered as part of the funding.
Councillor Jan Goodeve, Executive Member for Planning and Growth, said: “We are pleased to announce this agreement between East Herts Council and MHCLG to deliver a £1.2m project of business support over the next three years. As the bid was accepted before the UK left the European Union we are still able to access the funding, which is great news.
“This project will build on the success of Launchpad and will make a real difference to supporting existing small businesses in these potential growth sectors for East Herts. Given the pressures the business community are facing since Covid-19, we hope this investment will make a real difference to safeguarding and creating new jobs”.
The first stage of the project will be to appoint a delivery partner who will administer the business support services which will take the form of early growth advice and support, small grants, business networking and mentoring.