EU Funding Boost for Companies

Over 600 local firms have now benefited from development funding from the European Union . Eligible companies have received more help and additional funding via a special regional initiative designed to help more smaller companies into the international trade arena. Almost £2m of funding has been secured by the UK Trade and Investment team (the government's export support mechanism) based at Advantage West Midlands and it has already helped local Chambers of Commerce and other organisations provide more and better support to managers in small and medium sized firms located in the region's assisted areas.

To date, funding has provided travel grants to companies and funds to support agreed export development plans, it has helped create and refine web sites targeted at internationalisation and supported over 300 participations in government sponsored trade fairs in 50 countries.

UK Trade and Investment are managing a programme of actions with the support of the European Union's Regional Development Fund. Money is being made available to help eligible SMEs in certain areas to get to grips with the challenges of internationalising their businesses. The assistance available can help at every stage of the process from finding overseas markets to developing them. Firms who are already exporting can also benefit from additional help in new markets.

Several mini missions have been organised to help firms gain access to markets which make easier going for those who are new to exporting and one bilateral trade event in September 2004 involving 50 SME's from 6 other European countries – Finland, Belgium, Czech Republic, USA and who were introduced to 100 West Midlands SME's by the EPI Centre at Coventry University. Other activities that have benifitted from the funding include

• West Midlands Trade Forum (a network for exporters – web address – mwtf.org.uk)
•  A series of overseas visits in collaboration with UK Trade and Invesments's Support for Exhibitions and Seminars Abroad
• Intatrade – a innovative new initiative to help for those interested in none traditional routes to market such as joint ventures, manufacture under licence or other commercial partnerships (web address – epi-centre.org.uk)
• Passport to Export, more help for more companies using UK Trade and Investments's scheme to help equip those new to international operation
• More help for companies involved in the region's Clusters

The European funding has also helped a range of initiatives addressing equal opportunity. This has involved events to help create better access to services for all and a special pilot programme for women entrepreneurs. Another series of events looked at innovation in international trade.

This initiative is set to continue over forthcoming months.  Companies interested in understanding better the help that is on offer should ring their local UK Trade and Investment team or email uktradeandinvestment@advantagewm.co.uk