Expanding in to new markets can be a daunting step for any business but it doesn’t have to be an insurmountable task. It can be an excellent way to build your business and diversify your proposition.
To be successful, it is important to plan and do your research into the markets that you want to enter. This will allow you to look at the possibilities, create a strategy for moving forward and set targets that will enable you to keep on track.
Our expert team can put you in contact with trusted sources, as well as provide advice on key areas including regulations, customs, and language and cultural considerations to name a few.
Introducing the Department for International Trade Internationalisation Fund
Are you a SME based in North Yorkshire? Do you employ up to 250 people? Are you looking to grow your business internationally? You could benefit from the new DIT Internationalisation Fund.
What is the DIT Internationalisation Fund?
The DIT Internationalisation Fund has been designed to help businesses who want to grow internationally. It offers match funding of between £1,000 and £9,000 to help SMEs to expand into new international markets.
The fund is open for applications for 3 years until June 2023 and will be delivered by Enterprise Growth Solutions on behalf of the DIT.
Enterprise Growth Solutions will connect you with an International Trade Advisor who will be available to guide businesses through the funding process.
How can it help my business?
The funding is available to support your business in expanding into new international markets or developing new products which you plan to market overseas.
The fund can be used to support you with:
- Intellectual Property (IP) advice
- Translation services
- International social media and SEOs
- Trade fairs
- Independent market visits
Am I eligible for the funding?
The fund is available to small to medium businesses based in York & North Yorkshire with up to 250 employees. No more than 25% of your business can be owned by an enterprise which is not an SME.
Your annual turnover must not exceed €50 million OR your annual balance sheet must not exceed €43 million.
How do I apply?
The first step is to submit an ‘Expression of Interest’ through the Enterprise Growth Solutions website.
As part of the application process, you will be required to complete an Export Action Plan supported by an International Trade Advisor.
Other support available
SME Brexit Support Fund
Please note the DIT Internationalisation Fund is separate to the SME Brexit Support Fund which has been announced to help SMEs adjust to new customs, rules of origin, and VAT rules when trading with the EU.
More information about the SME Brexit Support Fund can be found on the government website.
Support from the Growth Hub
Wherever you are in your business journey and regardless of the sector that you operate in, we can provide free business support aimed at helping you to succeed. If you would like to speak with one of our advisors about the wide range of support available, please contact us.
Find out more about Import & Export
To find out more about how we can help with Import & Export, just get in touch.
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