A GROUP credited with helping 70 entrepreneurs get their businesses off the ground is on the verge of closure after a funding cut.

Bosses at HyBOSS (Hyndburn Business Opportunities Skills Support) said they have had their annual £50,000 funding pulled.

The organisation brings together experienced businesspeople from throughout Hyndburn to offer advice and support, free of charge, to fledgling companies.

Andy Hunter, the boss of the group and the only paid employee, said the funding cut was a disaster for the borough.

And Graham Chadwick, whose company Ground Designs UK has received support from HyBOSS, said many new companies would fail without their help.

His firm sells and designs school playground equipment made from recycled materials. He said the HyBOSS advice to subcontract the building and installation of the products had been vital in their success. They expect to turn over £800,000 in their first year.

The £50,000 funding for HyBOSS was from the No Limits organisation, an East lancashire business support agency.

Mr Hunter said: “There have been many success stories as a result of HyBOSS. We are very disappointed that now funding has been lost we may have to close.

“We have worked with more than 70 people this year, helping those who cannot find a job or who have been made redundant and want to start their own enterprise.

“It has been good for the borough as a whole and in the grand scheme of things £50,000 is not a lot of money.”

The cash paid Mr Hunter’s salary and travel expenses. HyBOSS did not have a permanent base and Mr Hunter travelled throughout the borough to offer help and advice.

He was backed by a board of non-executive directors from businesses across Hyndburn Mr Chadwick, who runs his firm with colleague Rebecca Murray, said: “HyBOSS was non-judgemental and offered very good advice to make sure that your idea was on the right lines.

“It will be a big loss to the area if it closes down.”