The Yorkshire Association of Business Angels has won a £50,000 grant from Yorkshire Forward to promote its activities over the next two years.

YABA is a group of successful business people who support fledgling entrepreneurs with investment and advice.

Chairman Peter Wells said he was delighted at winning the grant, secured after months of talks with Yorkshire Forward.

He said YABA was ideally placed to take a strategic role in the county's business support network.

"The Business Angels are vital to Yorkshire's commercial life because entrepreneurs have very limited resources to draw upon when they need to fund their activities - especially if they need investment in the tens of thousands rather than the hundreds of thousands.

"YABA provides finance in the gap in the marketplace below venture capital funding level."

Now five years old, the organisation is funded through subscriptions from its 80-odd plus members who attend networking evenings where entrepreneurs needing cash or advice present their case.

Some 10 per cent of start-ups win funding, ranging from £10,000 to £500,000.

Mr Wells, who is managing director of Batley plastics and rubber mouldings firm Marlpen Moulds, added that he would welcome new members on board.

YABA's mission over the next two years will be to promote its activities, recruit new Angels and run networking evenings outside its previous core area of Leeds, Bradford, Sheffield and York.