Small independent businesses have until March 31st to apply for up to £2,000 in funding through the Government’s Growth Vouchers scheme.
This comes after Prime Minister David Cameron announced last month that £100 million will be made available to SMEs through the Help to Grow initiative.
Is your business eligible for the vouchers?
In order to be considered, your business must be registered in England, have 249 or less employees and produce a turnover under £50 million.
Other criteria specifies that businesses need to actively be selling goods or services and that they are independent with no more than 25% owned by other businesses or organisations.
How will growth vouchers help small businesses?
There are many ways SMEs can approach growing their businesses. These Growth Vouchers are designed to contribute towards stabilising finance and cash flow, investing in the latest digital technology, recruiting and developing staff, improving management and leadership and exploring betters ways of marketing and attracting new customers.
News of this Government funding has been welcomed by the Federation of Small Businesses. John Allan, National Chairman of the FSB, said: “Additional finance to take growth businesses to the next level is a vital component of a healthy economy. The challenge facing the UK now is to scale-up its ambitious start-up community into world beating companies.
“We are therefore pleased to see £100 million ring-fenced to take this plan forward. Alongside private sector funds it should help fill any funding gaps left in the market.”
Visit the Growth Vouchers website for further information on how to apply.