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States approve £5m innovation fund to boost start-up companies

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BUDDING entrepreneurs and new businesses will soon be able to apply for funding from a new multi-million-pound Innovation Fund, after a vote by the States yesterday.

Members voted 41 votes to one to set up the new fund, which will start with a pot of £5m and will give grants and loans to new businesses.

The project, which will be run by an independent board, is part of a wider scheme designed to help grow and diversify the economy and will be expanded with a second phase and double the funds if all goes to plan.

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