What is the new £520M Help to Grow Initiative for SMEs?

coderus what is the new 520m help to grow initiative for smes

The week, the Treasury revealed a brand new ‘Help to Grow’ Initiative, designed to help SMEs improve their productivity and give them access to the U.K.’s best business schools.

Read on to learn more about the initiative and how it can give your small business a boost. 

What is the Help to Grow Initiative?

The Help to Grow Initiative is a combination of two different schemes:

Help to Grow: Digital

From autumn this year, businesses on this scheme will be eligible for free, impartial technology advice that will help them improve their performance and productivity.

Businesses that are accepted onto the initiative will receive up to 50% off of the costs of approved software worth up to £5,000.

The discounted software will help businesses to:

  • Create customer relationships and boost revenue
  • Take advantage of online selling
  • Organise accounts and financial processes digitally

At present, the eligibility criteria for the ‘Help to Grow: Digital Scheme’ is as follows, but more details are expected to be released this summer.

  • The business must have between 5 and 249 staff members in employment.
  • The business must be registered at Companies House.
  • The business must have been operating for at least one year.
  • The business must not have purchased the discounted software before.

Help to Grow: Management

Starting from June, the government will give eligible small businesses the opportunity to access 12-week management training programmes from leading business schools across the country.

The programmes are targeted at decision-makers or senior managers in small businesses (5-249 employees) that have been running for over a year.

Not only will participants benefit from a practical curriculum designed to be balanced with full-time work, but they will also gain one-on-one support from a mentor, peer learning sessions and an alumni network.

The government will offer this opportunity to 30,000 participants throughout the next three years who will have to pay £750 each with the programme being 90% subsidised.

How can you get involved in the Help to Grow Initiative?

If you meet the requirements for the Help to Grow Initiative, you can find more information and register your interest here.

March 05, 2021
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