Tuesday 26 June 2018

New Growth Fund for Small Businesses Announced

Small Business Minister Andrew Griffiths has unveiled a new £8 million fund to boost the productivity and performance of small businesses in England.

Research from the CBI suggests that by encouraging more businesses to take advantage of leading technologies, management practices and business support services – such as cloud computing, mobile technology and e-purchasing – the UK economy could receive a £100 billion boost and see a 5% reduction in income inequality.

The Business Basics Fund, run by BEIS in partnership with Innovate UK, will help businesses, charities, trade organisations and public sector organisations support small businesses in adopting tried and tested technologies and management techniques.

Small Business Minister Andrew Griffiths said: "Small businesses are the backbone of our economy, with more than 1,000 new businesses starting up every day, and it is vital that we support them to grow through our modern Industrial Strategy.

The Business Basics Fund will test new and innovative ways of supporting small businesses to take advantage of technologies and management practices – giving small business leaders the tools and support they need to continue to thrive."

The launch of the fund is the latest in a number of new measures introduced by the government to boost business productivity, including a review launched last month on how best to raise business productivity.

The Business Productivity Review call for evidence is open until 6 July 2018 and the government is encouraging workers, businesses, trade associations and other interested parties to contribute their views to it.

Details about the funding available, the application process and further guidance is available from the Innovation Funding Service.

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