SME businesses across York and North Yorkshire who are looking to expand into new international markets can now apply for up to £9,000 of matched funding from the new Department for International Trade (DIT) Internationalisation Fund.
The Internationalisation Fund uses European Regional Development Fund (ERDF) money that was earmarked for the fund by the York and North Yorkshire LEP.
The fund has been designed to help businesses who want to grow internationally and can be used for help with: market research, IP advice, translation services, international social media/SEO, trade fairs, independent market visits, consultancy and other international commercial services.
Speaking of the impact that the Internationalisation Fund will have for businesses, Mark Robson, head, UK Regions – Yorkshire and Humber said: “The Department for International Trade helps many businesses of all sizes across York and North Yorkshire to find and win business in new markets, using its network of International Trade Advisers and other support such as training through the Export Academy, events and missions and our teams around the world.
“We are committed to ensuring Yorkshire and the Humber businesses are able to take advantage of the new opportunities arising from the trade deals the Government are negotiating around the world.
“International Trade has always been a key driver economic growth nationally and in the Y&H region. International trade generates wealth and jobs but has other benefits as businesses that trade overseas tend to be more innovative and resistant to shocks such as those caused by the Covid19 pandemic.
“The Internationalisation Fund has therefore become available at a critical time for small and medium sizes enterprises. It will play a vital role in helping them to expand or begin their exporting journeys.”
Andrew Raby, manager, York & North Yorkshire Growth Hub, said: “The Internationalisation Fund is a great opportunity for businesses in our region to take that next step with their export plans. The funding will enable them to access expert support and advice needed to achieve success in markets which may be unfamiliar to them. I would urge businesses to find out more about the fund and how it can help them by registering their interest online.”
The fund is available for SMEs based in York & North Yorkshire with under 250 employees whereby no more than 25 per cent of the business is owned by an enterprise which is not a SME, and with an eligible project to internationalise.
The funding will be open for applications from businesses until the end of 2022, subject to availability. Businesses will have to complete an Export Action Plan in order to access the funding. This will be organised with an International Trade Advisor to guide them through the process and give them the best possible advice.