Launched in 2020, the Department for International Trade (DIT) Fund is aimed at helping SMEs grow in new international markets. It offers match-funded grants of between £1,000 and £9,000 for future activity and to grow in new international markets.
Who is the Internationalisation Fund for?
To qualify for the fund, businesses should meet these eligibility and suitability criteria:
• be registered in the UK and based in England
• be a Small or Medium-sized Enterprise (SME) with up to 250 employees, an annual turnover of less than €50 million or annual balance sheet not exceeding €43 million
• no more than 25% of the business is owned by an enterprise which is not an SME
• have not received more than €200,000 in public funds in the last three fiscal years
• have £500k+ in sales/turnover (desirable, not mandatory)
• have international high growth potential with a product or service suitable for export into a new market
• have an interest in using the funding for eligible export growth activities
The fund is supported by the European Regional Development Fund (ERDF).
What can the fund be used for?
The Internationalisation Fund can be used for eligible third-party advice/services to help businesses prepare for export, the Chamber can help you in many of these areas, including:
• International social media/SEO
• Market research
• Intellectual property (IP) rights
• Translation and cultural advice
• Independent market visits
• Routes to market
• Consultancy and other international commercial services
• Due diligence
• Trade Fairs
How can SMEs apply for the fund?
Contact the International Trade team at the North & Western Lancashire Chamber who would be happy to guide you through the process and provide any further information.
paulw@lancschamber.co.uk
