SMEs set for £500m export trade boost
Creative small and medium enterprises are set for a £500million trade boost following an announcement from UK Trade and Investment.
These high-value overseas contracts will help many SMEs find financial security and will lessen the risks associated with exporting into new foreign markets.
The UKTI will support the UK’s top 100 creative SMEs to win the contracts across the next three years.
It forms part of a government initiative to get 100,000 more UK businesses exporting, thus aiding the economic recovery.
SME’s are believed to be a vital driver in the recovery and financial assistance should lessen the number of businesses that are facing insolvency.
The business involved in the taskforce spans a number of sectors from transport and healthcare to retail, cultural developments and global sports.
Business Secretary Vince Cable feels the current economic climate is well suited for SMEs and believes that they need to be able to grab the opportunities that are available.
“The growing appetite for British design offers many opportunities for innovative firms of all sizes to boost their overseas trade and attract new investment,” he said.
The creative industries generate more than £36billion a year for the UK economy while employing 1.5 million people.
That equates to about £70,000 every minute and Mr Cable insisted building on a strong foundation could be a fantastic base to enhance the economy.
“From airport interiors to ground-breaking medical devices and design exhibitions, the creative industries account for around £1 in every £10 of the UK’s exports and are crucial to building a stronger economy,” he explained.
“With new support from UKTI, we want to help creative SMEs access more high value supply chain opportunities across the globe.”
Such a move provides crucial financial security at a time when many smaller firms have struggled financially, reducing the chances of administration and liquidation procedures.
Corporate insolvency firms are available to help with such issues, by way of restructuring or other means, so that SMEs can continue trading.