IoE&IT £5m Fund To Drive SME Export Growth

The Institute of Export & International Trade (IoE&IT) launched a £5m Export Support Programme today (27 June), aimed at helping UK businesses to trade internationally. The announcement of the new fund coincides with the United Nations' World MSME (micro, small and medium sized enterprises) Day, with its theme of 'building a stronger future together'.

Any MSME in the UK can apply to access the Export Support Programme, and the IOE&IT intends to help up to 1250 of them. Businesses that apply will give information that will enable the IOE&IT's team to match them with trade experts to advise and support them in their exporting plans. They will receive a bespoke package of training and consultancy services that reflect their particular circumstances and needs.

The IOE&IT says that the importance of MSMEs globally should not be underestimated, as they account for over 90% of firms worldwide, however they yet contribute to less than half of the volume of international trade. This is worse in the UK where 99.9% of the 5.5 million businesses registered are classified as MSMEs, yet fewer than 10% of them export.

Limited access to information has been identified as a significant barrier preventing MSMEs from engaging with international partners, says the IOE&IT. The organisation partnered with the World Trade Organization (WTO) Informal Working Group on MSMEs in 2022, helping to revamp the WTO's Trade4MSMEs online gateway, dedicated to providing information that supports MSMEs to trade internationally. The Export Support Programme will harness this knowledge to focus on the UK market.

Marco Forgione, Director General of the IoE&IT said: "As a leading organisation in international trade, founded on the principle of equipping people and companies to trade internationally, we have designed the Export Support Package to enable UK MSMEs to fulfil their business potential through exporting. The theme of this year's MSME day is building a stronger future together and our team is committed to helping businesses realise their international trade ambitions. The UK has signed numerous trade agreements which will benefit MSMEs across the country. However, it's essential we equip business with the knowledge, skills and expertise to take full advantage of these opportunities. Through this bespoke package of consultancy, training and implementation we will provide businesses with the knowledge and expertise to trade confidently and compliantly with the world."

You can register your interest in the fund via the IOE&IT's website:
https://www.export.org.uk/page/export-support-package

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