FLEDGLING businesses run by ethnic minorities and women have been given a £1 million cash boost to help establish themselves in Bolton.

Small Business Minister Nigel Griffiths announced a £2.5 million package for the North-west, which will see £1 million go towards an existing programme in Bolton which helps new firms get a foothold in the business community.

Bolton Business Ventures (BBV) will use the cash to offer entrepreneurs finance if they have shown potential but have failed to secure funding from banks or investors.

Although the money will be available to help all businesses, bosses at the organisation say they will target women and ethnic minorities who often struggle to attract funds.

BBV's Paul Davidson said: "It is not a new fund but it's a top up for what we are already doing.

"The money will go towards firms that cannot access finance because of the requirements that might be set down by the bank, although they have shown potential.

"Our aim is to help grow and develop all small firms across Bolton but research has shown that ethnic minorities and women have particular difficulty in sourcing money so, although it will not be exclusively for those groups, we are interested in targeting them in particular."

The organisation was set up to encourage more ethnic minority groups into enterprise by offering advice and support services, especially in more deprived wards across the borough and has given 450 grants in the last 10 years.

Mr Griffiths said: "The Government recognises that community development finance institutions have a vital role to play in providing finance to some of our most imaginative and tenacious entrepreneurs.

"CDFIs are helping us to provide enterprise opportunities for all, and ensure that the best possible support is in place for those who want to start or grow their own business - no matter what their background."