BUDDING entrepreneurs across Bury are among those who will soon enjoy better access to finance.

Thanks to the support of the Phoenix Fund, people with bright ideas will be given more support to help launch their own companies.

Bolton Business Ventures (BBV) has been named as one of 32 successful bidders under the Phoenix Challenge Fund, and will receive more than £800,000.

The cash will go towards its target of £1 million to support small business developments in Bury, Bolton, Rochdale, Wigan and Oldham.

Minister for Small Business Nigel Griffiths has announced the 32 new projects from Community Development Finance Institutions (CDFIs) will share £14 million of Government funding.

The Minister said: "If economic growth is to be developed, it is critical there is an increase in the number of people starting new businesses.

"We are encouraging people who face more hurdles when launching their ideas and the work of these projects will go some way to helping to create a level playing field in communities where people with sound business ideas have not always been supported."

He added: "Communities that have found that the door to traditional sources of finance historically was shut to them are now benefiting from the work of projects like the ones I am pleased to announce."

The money will be used to provide loans to enterprises that have viable business propositions but cannot raise the funding through banks or other conventional routes.

Bolton Business Ventures will get £720,000 of capital for lending to businesses and a further £92,500 for business support services.

The project is designed to encourage entrepreneurship and support business development by targeting new start-up businesses, existing businesses and community enterprises that cannot access normal financial sources.

Mr Paul Davidson, BBV chief executive, said: "We are delighted to be successful in our bid for Phoenix funding.

"It's great news for budding businesses in disadvantaged communities across North Manchester."