DEPARTMENT FOR
INNOVATION, UNIVERSITIES AND SKILLS News Release (048) issued by COI
News Distribution Service on 28 April 2009
A new online guide
to help Small and Medium sized Enterprises (SMEs) access funding
for growth and innovation was launched by the Government today.
Investing in innovation is crucial to businesses looking to bring
new and improved products and services to the market and boost
their profitability. During the downturn this is especially
important but will become even more vital for businesses that want
to grow and become more competitive as the upturn comes.
Today's new guide, 'The No-Nonsense Guide to Finance
for High Growth and Innovative Businesses', will act as a one
stop resource for companies which want to know where and how they
can access sources of funding available to support innovation. It
is available free of charge on the Business Link website http://www.businesslink.gov.uk/no-nonsense.
The guide bridges the information gap between providers of
funding and SMEs to ensure they can find out about and access the
full range of funding options available to support innovation. It
includes details on funding from both the private and public
sectors. This includes organisations like the Carbon Trust, which
financially support firms working on technologies to cut carbon
output, through to Regional Development Agencies which roll out a
range of funding schemes including Innovation Vouchers, or their
equivalent, worth up to £10,000 to help small businesses purchase
innovation support from sources of research expertise, including universities.
The guide offers advice to firms on:
* How to assess your funding needs;
* Where and how to get
the right advice;
* The funding options and processes;
*
How to pitch to and deal with investors;
* Case studies from businesses.
Minister for Science and Innovation, Lord Drayson, said:
"Supporting businesses to innovate and grow is especially
important during the current downturn. It is these firms that will
create the jobs, products and services of the future.
"Accessing funding is vital for any business, whether
through grants to support development, loan guarantees or tax
credits to invest in scientific and technological research. This
No-Nonsense guide will ensure businesses are fully aware of their
options, bringing together the information that businesses need to
get support and get on."
Minister for Economic Competitiveness and Small Business,
Baroness Vadera, said:
"Innovative businesses will play a key role in the future of
our economy so assisting these businesses to innovate and grow is
particularly important, especially during challenging economic times.
"This guide draws on the experience of a range of businesses
and the expert advice from the industry. It is a succinct and
practical resource that will leave innovative businesses better
positioned to take their next steps."
The launch of the guide follows the Government's commitment
to increase awareness of the funding available to SMEs for
innovation, set out in the 'Innovation Nation' White
Paper published by the Department for Innovation, Universities and
Skills (DIUS).
It also follows the recent launch of the Government's
'Solutions for Business' - a simplified portfolio of
business support products which will make it easier for companies
to find the help available for common business issues, such as
growing, finance, skills, innovation and the environment.
Ends
Notes to Editors
1. The guide was prepared by the Department for Innovation,
Universities and Skills (DIUS) in conjunction with the Department
for Business Enterprise and Regulatory Reform (BERR), Regional
Development Agencies, Business Link and Crimson Business Ltd. It
is published in the Business Link 'No-Nonsense' series.
2. The Innovation Nation White Paper was published by DIUS in
March 2008. For more information visit: http://www.dius.gov.uk/innovation/innovation_nation
3. 'Solutions for Business' was Launched on 31 March
2009. For more information visit: http://www.businesslink.gov.uk/solutions
4. Businesses can also access support from the 'Real Help
Now' initiative, a cross Government programme aimed to help
businesses through the recession and ensure they are well placed
for the upturn.. For more information visit: http://www.businesslink.gov.uk/realhelp
5. Information on funding and other support available to
businesses is also available by calling Business Link on 0845 600
9 006 or via Business Link's Grants and Support Directory http://www.businesslink.gov.uk/support.
6. For media enquiries only contact Kate Ison in the DIUS press
office on T:0203 300 8099 E: kate.ison@dius.gsi.gov.uk; or, Jan
McGinley/Kat Adams in the Business Link press office on T: 0207
637 3845/07957 383070. E: firstname@pr4.com