An announcement by the Chancellor in tomorrow’s budget will help small and medium-sized businesses (SMEs).
The £520 million 'Help to Grow' scheme will provide digital advice and management training. This will allow firms to have access to free online advice on technology to help businesses save time, reach more customers and reduce their costs.
SME’s eligible for the scheme will be given vouchers to get up to 50% off the purchase of new productivity enhancing software up to £5,000 each.
Under the Help to Grow management element, subsidised management training from business schools will also be available.
The scheme could help around 130,000 SME’s become more productive and have a wider access to opportunities. Smaller firms will also be able to access tools that the larger companies can more easily afford.
The Treasury cited studies show if they improve SME’s performance to match competitor countries like Germany it could add up to £100 billion to the economy.
Rishi Sunak, Chancellor said: “It is vital SME’s can access the tools they need to succeed as they are the backbone of our economy”
The Help to Grow scheme will be available for businesses to register online from 3rd March 2021.
Any help that is available for businesses to grow post pandemic and Brexit can only be a good thing.