£7 million boost for business

The premises at Hertfordshire Business Incubation Centre (HBIC) – which provides mentoring and corporate services and accommodation for many innovative enterprises – are in such demand that over the past 12 months about 40 companies have had to seek accommodation elsewhere. But now, thanks to £7 million in funding, which includes a £2.9 million grant from the East of England Development Agency (EEDA), a major extension can now be built onto the existing building. The grant from EEDA is supported by £2.7 million from the Department of Communities and Local Government (DCLG) and £1.2 million from Stevenage Borough Council. The current Business Technology Centre will be expanded, and enterprises which are already at the centre will be able to move into larger units. This will allow more start-up companies to move into the existing incubator space and benefit from the additional business support that HBIC offers. 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. Historically the community has benefited from the predominance of a few major companies in Stevenage. 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 along side them. “This is an exciting development as it will encourage more Stevenage businesses to make their first step, while allowing some of the excellent companies that are already there to expand. What’s more, this extension will result in new, high-quality jobs – particularly in the target sectors of aerospace defence, ICT and biotechnology – which will be a significant boost for Stevenage.” The new building will increase the space available to over 50,000 sq ft as well as the capabilities to provide additional business events and a purpose built conferencing facilities with full catering and modern networking facilities. It will maintain the supply of incubation premises and create new jobs for the area.