The Government has given out £2m to fund projects aiming to boost productivity and tackle late payments today (11 October).
Up to half of the funding pot is there to encourage businesses to use technology which simplifies invoicing, payment and credit management, ensuring they work as effectively as possible. The funding is part of the Government’s broad package of measures to end the culture of late payments.
This funding comes from the £9m Business Basics programme, which has been running since 2018. So far, 26 projects have been backed to run trials and develop ideas which encourage SMEs to use technology and more efficient management practices.
The 12 winners of the second round have been announced today. They include Cambridge Judge Business School; the Bournemouth, Christchurch and Poole Council; Northumbria University; and Tenshi Consulting Ltd. Funding has been distributed to look at opportunities in online networking, gaming and innovative coaching techniques that boost business productivity.
Small Business Minister Kelly Tolhurst said:
“As a former small business owner, I know how important it is to harness technology to make your business more productive. This is why we’re awarding another £2m from our Business Basics Fund and backing 12 more exciting new projects to develop their innovative ideas.
“I am particularly pleased that we are making up to £1m available to target the issue of late payments, which I know can have a real negative impact on SMEs and their cash flow. I look forward to seeing the innovative ideas that this fund competition produces.
“Research shows that boosting productivity could unlock £100bn for the economy, and helping small businesses make better use of technology will enable them to seize the opportunities of scaling up in new markets when we leave the EU.”
The third round of funding, worth £2m, opened on 2 October 2019. You can express your interest in the funding until Wednesday 4 December.