SMEs are now able to apply for co-investment funding from the Department for international Trade’s (DIT) new Internationalisation Fund using European Regional Development Funding (ERDF).
Ministers announced, as part of the Government’s Export Growth Plan to help businesses in England build back better following the pandemic, a £38 million Internationalisation Fund for small businesses, which will help up to 7,600 SMEs in England grow their overseas trading and strengthen their business.
Companies will be given details of how to apply by their DIT International Trade Adviser (ITA) once they have agreed an export action plan which sets out the proposed activity as a key element to growing their business through international trade.
What funding is available?
- Co-investment funding between £1k and £9k – total amount of funding available varies between Local Enterprise Partnership (LEP) areas
- The ERDF support has been allocated by LEPs so the amount available reflects their contributions.
- The Fund is available in all LEP areas except Cornwall & Isles of Scilly, which has its own similar scheme.
Who is eligible for this fund?
SME’s in England1 with the following characteristics:
- International High Growth Potential with prospects of employment growth or productivity improvement.
- A product or service suitable for international trade, or which could be developed for international trade and see international trade as a path for growth.
- £500k+ sales/turnover (desirable, but those with lower sales/turnover are eligible).
How can SMEs use the funding?
- Eligible expenditure: Advice from third party private sector experts to help SMEs prepare for international trade, which may include:- market research, market selection and entry advice, advice on Intellectual Property Rights, cross cultural negotiation support and standards, translation and cultural advice, international trade legal advice, PR support, international social media and search engine optimisation, international marketing, routes to market/agency advice, overseas business environment, and due diligence. SME participation in Trade Fairs, Missions and market development visits may also be supported.
- Ineligible expenditure: production/operational costs, direct subsidies, routine expenditure, capital costs, salary/employment costs, purchase of assets.
How can SMEs apply?
For more information on applying for this fund, please contact the Worcestershire Business Central team by emailing email@example.com or phoning 01905 677 888. The WBC team will then put you in touch with a DIT advisor who can provide further information on how to apply.