Grants offered to entrepreneurs

Entrepreneurs in the East of England have until the end of next week to apply for grants to check the commercial viability of their schemes.

The Proof of Concept fund from the East of England Development Agency (EEDA) is designed to help entrepreneurs to test out new business ideas.

The funds could be for market research, checking intellectual property rights or for building demonstration models.

Up to £40,000 is available to finance 75% of the project's cost.

Successful applicants will be informed on Friday 27 June 2008.

Supported 120 firms

Alan Pain, Head of Business and Enterprise at EEDA, said: "There are many steps involved in turning an innovative idea into a profitable business.

"EEDA is proud to offer this funding to budding entrepreneurs, allowing them to test the commercial environment confronting their business prior to launch.

"Since its launch in 2006, the Proof of Concept fund has supported over 120 companies from across the region and awarded over £3m in funding."

Businesses from any background in Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk are eligible to apply for the cash.

The deadline for applications is 1700 BST on Friday 25 April.