£2 million investment to help small businesses to grow

Grants are available through the government’s Business Basics Fund to help SMEs adopt proven technologies, become more productive and successful.

Funding is part of the government’s Business Basics Programme, which aims to improve the productivity of SMEs by encouraging them to adopt proven technologies and practices.

Britain is one of the best places in the world to start and grow a business, according to a government review. However, a productivity gap exists between the UK and international competitors, which means our businesses are not reaping all the benefits that they could be.

Adopting leading technologies, practices and support services - such as cloud computing, mobile technology and e-purchasing - can improve the productivity and earning power of small and medium-sized enterprises (SMEs), and in turn grow the wider economy.

The Department of Business, Energy and Industrial Strategy (BEIS) and Innovate UK have up to £2 million to prove and test ideas that enable small businesses to become more productive.

Investment is through the Business Basics Fund, part of the government’s Business Basics Programme to encourage SMEs to implement proven technologies and practices.

Yesterday, UK government announced the projects to be awarded £2 million through the first funding competition.

This includes a project with the retail and hospitality sectors to use AI technologies such as chatbots to improve customer experiences, and another to support greater digitisation in dairy farming.

Small Business Minister, Kelly Tolhurst said:  Small businesses are the backbone of our economy. As part of our modern Industrial Strategy, we are supporting them with new investments to boost their productivity and ensure they can continue to thrive in the future.

To find out more about the fund visit: https://www.gov.uk/government/news/2-million-investment-to-help-small-businesses-to-grow