By challenging SMEs to get to get out of their “comfort zone” and export goods abroad, Prime Minister David Cameron announced that £95m was to be given to small and medium sized enterprises by the regional growth fund.
The injection comes from the £950 million Regional Growth Fund that was announced on 31st October.
The funding is expected to create at least 4,000 jobs and unlock around £500m of new investments for SMEs.
Speaking recently at the ‘Exporting for Growth’ conference in central London Prime Minister David Cameron said: “British SMEs are already doing incredible things, but we urgently need more of them to follow that boldness. We need this to be a country where more people think ‘I can start my own business and I can sell to the world.”
“Our determination is to come through these difficult times stronger, to trade our way to growth and jobs. We need to show real optimism about the future, and we need to show real aggression about pursuing Britain’s interests in the world. The markets are there to be tapped; the deals are there to be done, the opportunities are there to be capitalized on. We must seize them together now.”
He highlighted the fact that although UK companies are selling Nan bread to India, tea to China and canoes to Eskimos, UK we are behind countries like Rwanda in the speed at which the firms can start trading.
John Longworth, Director General of the British Chambers of Commerce, said, “The new SME Regional Growth Fund scheme will help some companies obtain the finance they need to grow at home. But it is not a panacea, and will not cure the wider problems companies still face in accessing finance. Banks still need to improve relationships with business customers.
Business Minister Mark Prisk said: “These schemes will directly help SMEs that want to invest and create new jobs. They will deliver a shot in the arm to local communities and help small businesses drive local growth