The project was named as one of several to have displayed outstanding innovation and ambition.
The team provides free business support to more than 200 companies across Redcar and Cleveland, holding monthly free networking events and enabling firms to achieve business growth.
It has helped create more than 50 jobs in recent months and helped scores of residents realise their dream of running their own business.
Mark Hannon, cabinet member for economic development, said: “This is an achievement worth celebrating.
“In the last year the team has helped firms to create more than 150 jobs and boosted the performance of scores of companies.
“That success brings with it wealth and prosperity to families within Redcar and Cleveland and to the local economy.
“A job well done!”
The awards celebrate the wide range of activity across the country that stimulates and supports enterprise. This year’s awards produced a strong field of entries giving the judges a challenging task in deciding the winners.
The Enterprising Britain Awards are part of the Government’s drive to increase entrepreneurial activity in the UK. They are managed by Young Chamber Ltd (YCUK) on behalf of the Department for Business Innovation and Skills (BIS).
This competition is also used to identify the UK entries to the European Enterprise Promotion Awards for 2014.
Neville Reyner CBE DL Hon DLitt, Chairman Young Chamber said: “The 2014 EBA competition produced a very strong field of entries with a high number from across the country being submitted.
“The EBA celebrate the enterprising endeavours of initiatives from across the UK and the support shown to these Awards by the Government emphasises the importance it places on developing enterprise throughout the UK.”