Hertford business centre receives £7m grant

A business centre in Hertfordshire has been awarded £7m for a new extension.

Start-ups in Hertfordshire received a boost today after a local business centre was awarded £7m in funding for a new extension.

The Hertfordshire Business Incubation Centre (HBIC), which provides local businesses with accommodation, and mentoring and corporate services, is in such demand that 40 companies have had to seek other premises in the last year.

The grant, which has come from the East of England Development Agency (EEDA), the Department of Local Government and Stevenage Borough Council, will increase the space to over 50,000 square feet.

The additional space will mean established companies can move into larger units, allowing start-ups to move into existing ‘incubator’ space to benefit from the HBIC’s business support services.

Mark Aspinall, head of innovation and enterprise at EEDA, said: “HBIC is an invaluable resource, not only for Stevenage, but also for the wider business community in Hertfordshire and throughout the East of England.

“That makes the extension great news for small and medium-sized companies in the area, as it will provide valuable space for them to develop and grow.”

Dr Derek Harris, CEO of HBIC, added: “This is a landmark deal not only for Stevenage, but also Hertfordshire and the East of England, as is shows how HBIC is working to provide a significant Business Centre for emerging local businesses and an environment to encourage world class opportunities.”

© Crimson Business Ltd. 2007

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