A package of measures announced by the Government to help businesses will include policies to allow them to grow their overseas trade to help recover from the economic impact of coronavirus.
The new ‘Export Growth Plan’ from the Department for International Trade (DIT) will provide additional financial support and expertise to the country’s potential exporters, including regionally targeted education programmes.
A £38 million Internationalisation Fund for small businesses will help up to 7,600 SMEs in England grow their overseas trading and strengthen their business.
Minister for exports, Graham Stuart MP, said the funds will help companies to ‘take advantage’ of the opportunities the UK is creating for itself as a newly independent trade nation, having left the EU earlier this year.
The fund will be managed by four regional projects: The Northern Powerhouse, Midlands, South and London Internationalisation Funds.
‘Export Academy’ to support smaller businesses
A new pilot Export Academy will also be introduced to support smaller businesses in the north, midlands and south west. The Academy will deliver a series of activities to build the capabilities of smaller companies, creating a new cohort of confident businesses ready to trade.
The Academy will enhance the export capabilities of SMEs in the regions and will be supported by a new legion of 64 international trade advisers (ITAs).
Other measures launched include:
- An additional 24 ‘Overseas Champions’ across the world promoting trade and investment
- A further 100 ‘Export Champions’ across different industries in England
- New South Internationalisation Fund for small businesses in England providing £3.6m within the South West that will help up to 720 businesses to internationalise from 2020-23
If you’re considering exporting or expanding into international markets speak to one of our business growth experts today. We have the experience and skillset to guide you grow your business internationally.