Small Business Advice

Government announces new fund for small businesses

Oliver Jones

The 8 million pound New Business Basics Fund is designed to improve the UK's productivity

The government has just established an £8 million New Business Basics Fund, designed to improve small business performance throughout the UK.

The fund will finance small business adoption of new technologies in an effort to boost Britain’s productivity, which currently lags behind the rest of Europe.

Britain is a strong business environment in general, with over 1000 new business start-ups every day. London sees more tech investment than Paris, Berlin and Amsterdam combined.

But many budding business owners find they receive little in the way of government support, along with a confusing corporate tax regime and falling average value.

How much is on offer?

A total of £8 million is being allocated, after research by CBI indicated that encouraging more businesses to use the latest tech – such as cloud computing, mobile technology and e-purchasing – could boost the UK economy by as much as £100 billion, and reduce income equality by up to 5%.

If you work in or run a business, you can have your say on this as well. The government is currently running a business productivity review through this online survey on how best to solve Britain’s productivity problem.

How do I apply?

Details on the funding are available from The Innovation Funding Service. With over £2 million available in the first round of funding, it’s the best place to check your eligibility and find out how to apply.