Authorities awards £2m to spice up productiveness and sort out late funds

The cash comes from the Enterprise Fundamentals programme

The Authorities has given out £2m to fund tasks aiming to spice up productiveness and sort out late funds right now (11 October).

As much as half of the funding pot is there to encourage companies to make use of know-how which simplifies invoicing, fee and credit score administration, making certain they work as successfully as potential. The funding is a part of the Authorities’s broad bundle of measures to finish the tradition of late funds.

This funding comes from the £9m Enterprise Fundamentals programme, which has been operating since 2018.  To this point, 26 tasks have been backed to run trials and develop concepts which encourage SMEs to make use of know-how and extra environment friendly administration practices.

The 12 winners of the second spherical have been introduced right now. They embrace Cambridge Decide Enterprise Faculty; the Bournemouth, Christchurch and Poole Council; Northumbria College; and Tenshi Consulting Ltd. Funding has been distributed to have a look at alternatives in on-line networking, gaming and progressive teaching methods that enhance enterprise productiveness.

Small Enterprise Minister Kelly Tolhurst stated:

“As a former small enterprise proprietor, I understand how vital it’s to harness know-how to make your online business extra productive. For this reason we’re awarding one other £2m from our Enterprise Fundamentals Fund and backing 12 extra thrilling new tasks to develop their progressive concepts.

“I’m significantly happy that we’re making as much as £1m obtainable to focus on the difficulty of late funds, which I do know can have an actual destructive affect on SMEs and their money move. I sit up for seeing the progressive concepts that this fund competitors produces.

“Analysis reveals that boosting productiveness might unlock £100bn for the economic system, and serving to small companies make higher use of know-how will allow them to grab the alternatives of scaling up in new markets after we go away the EU.”

The third spherical of funding, value £2m, opened on 2 October 2019. You’ll be able to categorical your curiosity within the funding till Wednesday four December.

Learn extra

150 UK small enterprise grants to use for proper now

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