The money will be used to support the Small Firms Enterprise Development Initiative‘s new ‘Get Mentoring’ scheme for volunteers from small-to-medium businesses who may not otherwise be able to afford to get involved.

Coming on top of funding announced earlier this month for 5,000 mentors who are specifically meant to support female enterprise, today’s investment will bring the total number of volunteers available through a new mentoring portal to around 26,000.

The portal, www.mentorsme.co.uk, was launched in the summer to give entrepreneurs access to support from experienced business people and is operated by the British Bankers Association.

Business Minister Mark Prisk said:“Businesses tell us they want to get advice from other experienced business people and we know that those seeking support are more likely to succeed. Mentoring can deliver significant economic benefits from just a small commitment of time and resources.

The announcement was made at a speed-mentoring event at the British Library’s Business & Intellectual Property Centre. A range of private sector project partners, including the Institute of Directors, the British Chambers of Commerce, the Federation of Small Businesses and the Forum of Private Business, are providing further support and time contributions worth up to an estimated £3.7 million.

 

The announcement comes during Global Entrepreneurship Week, seven days of events that are intended to promote enterprise across the UK and internationally. The British Library’s Business & IP Centre is hosting a series of events, including speed mentoring sessions.