Chancellor announces £520M ‘Help to Grow’ scheme for SMEs

Chancellor announces £520M ‘Help to Grow’ scheme to help SMEs recover from the Covid pandemic.

RISHI Sunak announced the new scheme, which will aim to make businesses ‘more innovative’, in his Budget this afternoon.

Help to Grow: Digital will offer managers of small and medium businesses the opportunity to develop digital skills with free expert training and a 50 per cent discount on new productivity-enhancing software.

Help to Grow: Management will provide subsidised management training provided by leading British business schools with the aim of increasing innovation and boosting growth.

Business schools across the UK will provide 50 hours of tuition in addition to one-on-one support with a business mentor, to build the skills of SME leaders to increase efficiency, productivity, and growth.

Sunak said: “With the pandemic many businesses have moved online. This has been a challenge, but we want to turn it into an opportunity.”

He added that the scheme will help take businesses to the “next level”, and allow small and medium-sized businesses to “reach new customers and boost profits”.

The initiative is expected to commence in autumn 2021, with Sunak urging interested SMEs to register online.

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