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Gloucestershire Business News

£2m Government fund set to benefit businesses

A number of cutting edge projects designed to help small businesses become more profitable will receive a total of £2m in government funding.

South West businesses will be among the first to benefit from The Business Basics Fund, with Business West is set to roll out an innovative management development programme aimed at micro-enterprises.

Phil Smith, managing director of Business West (pictured), said: "We work with thousands of small businesses across the South West and know from experience that it's a big step for many to divert precious time and resources away from their day-to-day operations and try something new. Nevertheless, innovation is what enables firms to grow.

"The Business Basics Fund is a clear signal from government that it takes the need to solve the UK's productivity puzzle seriously. It is vitally important that small businesses are given the support they need to adopt new technologies and find novel ways of doing business to be competitive."

A total of 15 projects from across the UK were awarded a share of £2 million funding from the Business Basics Fund.

The fund is part of the government's plan to boost UK national productivity through its modern Industrial Strategy, by encouraging more businesses to take advantage of existing technologies, management practices and business support.

Kelly Tolhurst, small business minister, said:   "Small businesses are the backbone of our economy and as part of our modern Industrial Strategy, we are supporting them with new investments to boost their productivity and ensure they can continue to thrive in the future.

"This investment will support innovative projects that test how government and private sector companies can help small businesses  adopt a range of technologies and management practices that save them time and make them more efficient."

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