Small businesses in the UK will have the chance to acquire £20,000 from a new initiative created to promote exporting by FedEx Small Business Grant.
In November last year, the UK trade deficit was at £3.2 billion with SMEs positively contributing towards it. Small businesses have been exporting more than importing with 53% of Britain’s SMEs sending produce across seas to international consumers.
Currently, enterprises are succeeding internationally which plays an important factor to the British economy, research implies that the UK might not be able to grasp the £1 trillion by 2020 target made by the government. It’s claimed that because of this it is crucial for SMEs to know that there is financial support and advice available for them to grow and develop whilst continuing to grow the economy.
Executive vice president of global marketing and communications at Fed Ex, Raj Subramaniam has commented;
“Small businesses are facing a number of challenges every day, whether sourcing finance, evolving market conditions or meeting the government’s targets
“We believe even ideas that start small can have huge potential, and the small businesses that we serve every day are a powerful illustration of that. The competition, which provides tangible financial grants, demonstrates our commitment to helping small businesses unleash their potential and realise their dreams.”
The contest was first held in the US in 2012, it then travelled to Hong Kong, Singapore and Brazil during 2015. The contest is now moving across the European markets for the very first-time countries included are; Germany, France and the trio inside the UK. The UK initiative is only available to profitable small businesses with under 100 employees and they must be operating in their second year or more.
Between the 7th of March and the 3rd of April 2016, small businesses may sign up online, during this process they will be asked a set of questions and to share their business dreams and what their plans are to become global. During April, the small businesses who have made it as a finalist will be required to share further information about their business plans. The winners will be announced on the 25th of April 2016. The rewards will be split into two tiers – the runner-up will receive £5,000 and the winner will gain £20,000.