A new online guide to help Small and Medium sized Enterprises (SMEs) access funding for growth and innovation has been launched by the Government.
Investing in innovation is crucial to businesses looking to bring new and improved products and services to the market and boost their profitability. During the downturn this is especially important but will become even more vital for businesses that want to grow and become more competitive as the upturn comes.
The new guide, ‘The No-Nonsense Guide to Finance for High Growth and Innovative Businesses’, will act as a one stop resource for companies which want to know where and how they can access sources of funding available to support innovation. It is available free of charge on the Business Link website www.businesslink.gov.uk/no-nonsense
The guide bridges the information gap between providers of funding and SMEs to ensure they can find out about and access the full range of funding options available to support innovation. It includes details on funding from both the private and public sectors. This includes organisations like the Carbon Trust, which financially support firms working on technologies to cut carbon output, through to Regional Development Agencies which roll out a range of funding schemes including Innovation Vouchers, or their equivalent, worth up to £10,000 to help small businesses purchase innovation support from sources of research expertise, including universities.
The guide offers advice to firms on:
- How to assess your funding needs
- Where and how to get the right advice
- The funding options and processes
- How to pitch to and deal with investors
- Case studies from businesses
Minister for Science and Innovation, Lord Drayson, said: “Supporting businesses to innovate and grow is especially important during the current downturn. It is these firms that will create the jobs, products and services of the future.
“Accessing funding is vital for any business, whether through grants to support development, loan guarantees or tax credits to invest in scientific and technological research. This No-Nonsense guide will ensure businesses are fully aware of their options, bringing together the information that businesses need to get support and get on.”
Minister for Economic Competitiveness and Small Business, Baroness Vadera, said:
“Innovative businesses will play a key role in the future of our economy so assisting these businesses to innovate and grow is particularly important, especially during challenging economic times.
“This guide draws on the experience of a range of businesses and the expert advice from the industry. It is a succinct and practical resource that will leave innovative businesses better positioned to take their next steps.”
The launch of the guide follows the Government’s commitment to increase awareness of the funding available to SMEs for innovation, set out in the ‘Innovation Nation’ White Paper published by the Department for Innovation, Universities and Skills (DIUS).
It also follows the recent launch of the Government’s ‘Solutions for Business’ – a simplified portfolio of business support products which will make it easier for companies to find the help available for common business issues, such as growing, finance, skills, innovation and the environment.
