Small businesses and SMEs are set to benefit from £75 million worth of government investment designed to boost economic growth.
Business secretary Vince Cable and minister for universities and science David Willets launched the scheme on Thursday, as part of the Government’s Innovation and Research Strategy for Growth, which it hopes will ease access to both finance and facilities businesses may require to help develop and then make products commercialised.
Grants will be provided through the Technology Strategy Board (TSB).
A further £25 million has also been set aside to assist companies in the development of large-scale prototypes, to allow ideas to be properly demonstrated to potential investors.
Cable said of the schemes: “‘We recognise that by improving the incentives for companies to innovate they will continue to create life changing products to drive future innovation and growth.”
The scheme forms a part of the government’s desire to remove the lopsided nature the UK’s economy has been accused of having, by increasing innovation and growth in creative industries as well as manufacturing.
There will be £2 billion worth of funds available to start-ups and small businesses through the Enterprise Finance Guarantee scheme up until 2015 and Skipton Business Finance are proud to be approved lenders.