Government launches new fund to support small business growth

Business Basics Fund

The Government has unveiled a new £8 million fund to boost the productivity and performance of small businesses in England.

Boosting national productivity and increasing workers’ earning power forms a key part of the Government’s modern Industrial Strategy and the Business Basics Fund, run by BEIS in partnership with Innovate UK, will help businesses, charities, trade organisations and public sector organisations support small businesses in adopting tried and tested technologies and management techniques.

Details about the funding available, the application process and further guidance is available from the Innovation Funding Service. There will be a total of £2 million available in this first call under Business Basics Fund. 

Innovate UK – Innovation loan

Innovate UK has up to £10 million in innovation loans to support game-changing ideas being developed by small and medium-sized businesses in the UK.

The loans are for highly innovative late-stage projects in any area of technology or the economy that can demonstrate a clear route to commercialisation and economic impact.

They will be made available through Innovate UK Loans Ltd, a wholly-owned subsidiary of Innovate UK.

Competition information

  • the loan competition opened on 2 July 2018, and the deadline for registration is midday on 29 August 2018
  • you could get an innovation loan of between £100,000 and £1 million
  • your project must be late-stage experimental development and last up to 5 years
  • up to 100% of your eligible project costs are available
  • only single, UK-based SMEs can apply

Further information on the Innovation loan and how to apply can be found here.

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