Latest Public Sector News

28.09.12

£13m funding for SMEs looking to export

Additional funding has been announced to help small businesses within the UK export abroad. BIS has awarded £13m to help over 10,000 firms make contacts and sell to overseas markets.

UK Trade and Investment (UKTI) will manage the funding, with up to £9m going directly to small and medium sized businesses. The money will support SMEs to attend tradeshows abroad, provide discounts on targeted market research and support for travel on trade missions.

In addition, £2.5m will be invested in helping firms access and win some of the many high-value opportunities that UKTI has identified globally.

A further £1.5m will be used for projects including support for UKTI’s work attracting vital inward investment into our economy.

The Government aims to double UK exports to £1tr by 2020 and to get 100,000 more companies exporting.

Business secretary Vince Cable said: “One of our major ambitions for growth is to boost UK exports: we have to excel in trade. Small and medium-sized enterprises are crucial to this challenge – over half of the monetary value of the UK’s exports comes from SMEs.

“This extra funding will help those businesses already exporting to go further and explore new markets, and help those thinking of exporting to make that crucial first step.”

Trade and investment minister Lord Green said: “UKTI intends to double the number of companies it helps to 50,000 by 2015. We know that our help can have a transformative effect on businesses. On average, companies that work with UKTI go on to win additional sales of £100,000 within 18 months and 90% of those we support are small and medium-sized firms.”

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