What is the DIT Internationalisation Fund?
The Department for International Trade (DIT) has launched its new Internationalisation Fund for eligible businesses in England. Match-funded grants of between £1,000 and £9,000 will be available for future activity (subject to eligibility and availability). The fund, supported by the European Regional Development Fund (ERDF), provides £38m in co-investment split across four regional projects, The Northern Powerhouse Internationalisation Fund, Midlands Internationalisation Fund, South Internationalisation Fund and London Internationalisation Fund.
Is your business eligible for the fund?
- The company must be based in England
- The company must be a small or medium sized enterprise (SME) with up to 250 employees
- No more than 25% of the business is owned by an enterprise which is not a SME
- Annual turnover does not exceed €50 million or annual balance sheet does not exceed €43 million
The scheme is based on 50/50 “matched funding”, meaning that to qualify for the maximum grant of £9,000 a company would be expected to commit to and demonstrate proven expenditure of £18,000. To apply for a grant of £5,000, a company would be expected to commit to and demonstrate proven expenditure of £10,000, for example.
What is the purpose of DIT Internationalisation Funding?
The fund is part of the UK government’s strategic plan to grow its exports by providing additional financial support to SMEs to help them intensify their international trade and stabilise their business operations. UK SMEs have demonstrated their power in advancing the economy via their output. DIT funding will further assist them to expand, utilise the international opportunities the UK is creating for its companies and in turn increase the UK’s economic performance locally and internationally.
The fund can be used to support areas including (but not exclusively limited to):
- Market research
- IP advice
- Translation services
- International social media/SEO
- Trade fairs (where no TAP funding is available)
- Independent market visits
- Consultancy and other international commercial services