If you are a business that already exports and are seeking financial support to expand into more international markets then its work taking a look at the Internationalisation fund, this is a scheme run by the DTi and offers support of either 40% and 50% of the certain costs up to a maximum of £9K.
One of our clients is applying currently to support their attendance at a key trade show in Singapore. In order to qualify there are a number of criteria to meet:-
The Internationalisastion fund came to the attention of one of our FD’s who was looking for ways to support an automotive client during the lockdown, the clients local LEP (Local Enterprise Partnership) helped locate suitable grant opportunities and sign posted them to the fund. They were successful in getting funding for IT hardware and have now submitted an application to the Internalisation fund.
Must be a micro, small or medium-sized enterprise have fewer than 250 employees, a turnover of below €50m or a balance sheet below €43m.
What can a grant be used for:-
1)Choose the right method of trading internationally
2)Develop internal functions or processes in place
3)Develop a coherent strategy or marketing plans
4)Tackle payment and legal problems
5)Manage adaptation to cultures
7)Establish appropriate pricing models
9)Attend business events, including workshops, seminars or conferences
10)Understand the costs and benefits of international trade
11)Improve the efficiency of a company’s current overseas trading practices
12)Undertake internationalisation feasibility studies
13)Conduct research into new markets
14)Understand product liability
15)Develop joint ventures
What is good about this scheme is that it can give an SME a real boost with exports, which with all the turmoil we’ve seen with Brexit and now the pandemic is really postive.
How can FD Capital help your business?
Finding new grants or making introductions is just one example of how an FD Capital Part Time Finance Director can help you business succeed.