George Street in Paisley will host start-up businesses with the support of Renfrewshire council.
The many units owned by the council will be turned into low-cost, high-quality work-spaces.
The new ‘Start-Up Street’ could host up to 20 businesses.
This comes after a survey showing that high costs prevent emerging companies from going forward.
The council released a statement, saying:
“Businesses based here will benefit from an on-site business advisor, training space and a shared reception.”
The companies will be able to rent the units for up to two years, and the cost of the lease will go up gradually until they can afford moving to another space.
Renfrewshire Council Leader Iain Nicolson said:
“We have a responsibility to nurture new businesses and Start-Up Street is being developed in response to what local businesses are telling us they need.
“It will provide a whole package of support to enable businesses to overcome any barriers and grow sustainably, offering an environment which helps them achieve long-term sustainability, moving into commercial premises in our town centres.”
The council are collaborating with London Youth Support Trust for this project that adds to the progress made in the regeneration of Renfrewshire area.
Renfrewshire hosts more than 4500 companies and prides itself with “a lower average closure rate recorded than across the rest of the country.”