Good to see that the Government is taking challenges faced by SMEs seriously, and is putting its money where its mouth is by providing £2m to fund projects that are looking for innovative solutions to solve common problems faced by small businesses – with late payment being paramount.
The funding is part of the Government’s broad package of measures to end the culture of late payments and over 50% of this grant is to be used in projects that focus on solutions to the challenges of invoicing, payment and credit management. This funding comes from the £9m Gov initiative, Business Basics programme, which has been running since 2018. To date, 26 projects have been selected to develop new ideas which encourage SMEs to use technology and more efficient management practices.
The businesses are being selected through a robust tendering process. This week saw the second round of successful applicants announced. These include Cambridge Judge Business School; the Bournemouth, Christchurch and Poole Council; Northumbria University; and Tenshi Consulting Ltd. Funding has been distributed to look at opportunities in online networking, gaming and innovative coaching techniques that encourage business productivity.
Kelly Tolhurst, Small Business Minister said:
“As a former small business owner, I know how important it is to harness technology to make your business more productive. This is why we’re awarding another £2m from our Business Basics Fund and backing 12 more exciting new projects to develop their innovative ideas. I am particularly pleased that we are making up to £1m available to target the issue of late payments, which I know can have a real negative impact on SMEs and their cash flow. I look forward to seeing the innovative ideas that this fund competition produces. Research shows that boosting productivity could unlock £100bn for the economy, and helping small businesses make better use of technology will enable them to seize the opportunities of scaling up in new markets when we leave the EU.”
The third round of funding opened on 2 October 2019. To express your interest in the funding visit Gov. All applications should be submitted by Wednesday 4 December 2019