The £8m Business Basic Fund, run by the Business, Energy and Industrial Strategy Committee (BEIS) in partnership with Innovate UK, has been set up to support small businesses in adopting new technologies and management techniques. The aim of the fund is to give small businesses the tools they need to continue to thrive.
Small Business Minister Andrew Griffiths said: “Small businesses are the backbone of our economy, with more than 1,000 new businesses starting up every day, and it is vital that we support them to grow through our modern Industrial Strategy.”
Research from the Confederation of British Industry (CBI) suggests that the UK economy could benefit from a £100bn boost and 5% reduction in income inequality, should more businesses take advantage of innovations including cloud computing, mobile technology and e-purchasing.
Matthew Fell, CBI UK Chief Policy Director, said: “UK businesses must do more to improve their productivity to get themselves match fit to compete globally in the years ahead. Low uptake of the nuts and bolts technologies of today is a key feature of the productivity puzzle that can, and must, be tackled.
“UK business technology adoption levels are close to the EU average but far behind the front runners. The new Industrial Strategy can be the perfect vehicle to get to grips with this missing piece of the jigsaw.”
Supporting SMEs to grow
At Exemplas, we understand the integral role SMEs play in the economy and that’s why government bodies turn to us when they want to support SMEs. We deliver a number of key contracts within the public sector, enabling small businesses to achieve growth by encouraging innovation, creating jobs, increasing exports and stimulating economic growth.