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Government announces £2 million to help businesses grow

Grants are due to be made available to SMEs via the governments Business Basics Fund.

The extra funding is designed to help UK-based SMEs to become more productive and, therefore, successful. Currently, there is a productivity gap between UK businesses and their international competitors.

Often, this is because many companies fail to adopt leading technologies, update their practices and tap into modern support services. The under-use of cloud computing services is a classic example of this behaviour. This particular failure to adopt new technologies leaves many UK companies paying more than their competitors for software and data and storage. It can also have a negative impact on productivity.

Kelly Tolhurst, the government’s Small Business Minister said this when announcing that these new funds would be made available:

“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.”

Firms can apply for some of the funds. Potentially, they can ask their Liverpool accountant to provide financial reports that demonstrate the savings that could be made using their initiative. When applying for funding good quality financial data greatly enhances the chances of the application being successful.

This is the second funding competition to be launched. The first wave resulted in 15 organisations and businesses sharing £2million between them. These funds are currently being used to trial various tech-based solutions that are designed to boost productivity. That includes a London Based initiative that is helping local community organisations to switch to using cloud-based accountancy packages.

Posted by Louise
February 18, 2019

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