Funding to help UK SMEs export
£13million of funding is being made available by the government to help 10,000 British firms export.
The funds will go to UK Trade & Investment (UKTI) to help more companies make contacts and sell to overseas markets. The majority of the investment – up to £9m – will go directly towards boosting trade opportunities for SMEs.
"One of our major ambitions for growth is to boost UK exports: we have to excel in trade," said Business Secretary Vince Cable. "Small and medium-sized enterprises are crucial to this challenge – over half of the monetary value of the UK's exports comes from SMEs.
"SMEs are innovators in every sector, whether hi-tech or traditional, and they are major job creators for our economy employing almost 60% of the private sector workforce. 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.
It is anticipated that more than 10,000 businesses will benefit from the additional funding, moving the government's goal of getting 100,000 more businesses exporting British goods and services a step closer.
"UKTI intends to double the number of companies it helps to 50,000 by 2015," commented Trade and Investment Minister Lord Green. "This extra investment will directly help businesses to travel abroad to showcase their products, find more customers, and make the contacts they need to succeed."
