Match-funded grants of between £1,000 and £9,000 will be available for eligible businesses (SMEs) in England to grow their overseas trading and strengthen their business.
Government launches Export Growth Plan to help businesses in England build back better following the pandemic. The Department for International Trade’s (DIT) Export Growth Plan provides additional financial support and expertise, some of which is targeted towards specific regions that are most in need.
The plan includes a £38 million Internationalisation Fund for small businesses, which will help up to 7,600 SMEs in England grow their overseas trading and strengthen their business.
Match-funded grants of between £1,000 and £9,000 will be available for future activity (subject to eligibility and availability).
To secure a grant, you will need to fund a proportion of your costs yourself. This varies according to where your business is based and will be either 40 or 50% of the total cost.
The Demand is out there, you should be too
SME’s in England with the following characteristics:
International High Growth Potential with prospects of employment growth or productivity improvement.
A product or service suitable for international trade, or which could be developed for international trade and see international trade as a path for growth.
£500k+ sales/turnover (desirable, but those with lower sales/turnover are eligible).
What funding is available:
Co-investment funding between £1k and £9k – total amount of funding available varies between Local Enterprise Partnership (LEP) areas
The ERDF support has been allocated by LEPs so the amount available reflects their contributions.
The Fund is available in all LEP areas except Cornwall & Isles of Scilly, which has its own similar scheme.
The fund can be used to support areas including (but not exclusively limited to):
Market research
IP advice
Translation services
International social media/SEO
Trade fairs (where no TAP funding is available)
Independent market visits
Consultancy and other international commercial services
Activities not in scope include:
Salaries
Capital costs
Production costs
Purchase of assets
Primary producers (eg agriculture)
Is your business eligible?
The company must be based in England
The company must be a small or medium sized enterprise (SME) with up to 250 employees
No more than 25% of the business is owned by an enterprise which is not a SME
Annual turnover does not exceed €50 million or annual balance sheet does not exceed €43 million
The fund is supported by the European Regional Development Fund (ERDF).
To contact your local advisor and learn more about your eligbility; Click here
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