Internationalisation fund to boost growth
The Department for International Trade has launched its new European Regional Development Fund (ERDF) Internationalisation project.
The fund is valued at £38 million and is to be shared by around up to 7,600 firms. It is open to ambitious, eligible SMEs to improve international trade performance through co-investment in DIT approved activity.
In particular, the fund is aimed to benefit SMEs that have a high growth potential and targeting their products/services to new international markets.
NIC Instruments based in Folkestone, design and produce high quality equipment utilising the very latest, and most advanced manufacturing systems.
Managed by Steve Wisbey NIC Instruments has previously been supported by the South East Business Boost (SEBB) grant to help explore new potential markets for their products which support organisation to defeat Improvised Explosive Devices (IEDs).
Their high growth potential enabled them to access previous funding to support their international ambitions and to bring in-house some processes that were previously subcontracted.
They were able to invest in new powerful servers and computers to carry the complex work, previously not possible because of the stress from the high demands on their old system.
Steve Wisbey said: “The SEBB grant has been great for us, helping us to improve systems and boost our productivity by allowing us to invest in the higher-level specification equipment that we wanted.”
NIC Instruments are applying online for the DIT Internationalisation fund.
When asked if he would recommend the DIT SME scheme he said: “We have just started the application process. We hope to secure funding to further expand our business into new international markets. ”
If you are an SME and would like to find out more about how to help your business grow visit DIT website
