The Local Business Accelerators initiative will give advertising support and business mentoring to 1,500 small companies.
It will be supported by a £3.5m campaign fronted by Dragons’ Den star Deborah Meaden.
From today (19 October) 500 regional and local newspapers will feature an ad, created by St Luke’s, promoting the scheme to businesses start ups formed in the past three years.
Meaden will also personally mentor one business that takes up the scheme.
The Prime Minister says: “In towns and cities across the country, local and regional newspapers are helping to build stronger local communities and contributing to growth by supporting local businesses. They have a major role to play in championing growth.
“By joining forces to launch this excellent initiative, local newspapers are demonstrating their commitment and providing exactly the sort of practical, hands-on support that will help young local businesses succeed and grow … and help to lead Britain’s recovery.”