Independent jewellers to benefit from new small business funding scheme

Small business minister Andrew Griffiths has unveiled a new £8m fund to boost the productivity and performance of small businesses in the UK.

The ‘Business Basics Fund’ will help charities, trade organisations and public sector organisations support small businesses in adopting ‘tried and tested’ technologies and management techniques.

Research from the Confederation of British Industry (CBI) suggests that by encouraging more businesses to take advantage of leading technologies, management practices and business support services – such as cloud computing, mobile technology and e-purchasing – the UK economy could receive a £100bn boost and see a 5% reduction in income inequality.

Griffiths said: “Small businesses are the backbone of our economy, with more than 1,000 new businesses starting up every day, and it is vital that we support them to grow through our modern Industrial Strategy.

“The ‘Business Basics Fund’ will test new and innovative ways of supporting small businesses to take advantage of technologies and management practices – giving small business leaders the tools and support they need to continue to thrive.”