Trade and Industry secretary, Stephen Byers, has today announced plans to establish new manufacturing centres of excellence in an effort to promote a regional support network to improve productivity for SME’s.
In addition to this the package will also involve:
Promoting regional innovation
Supporting small business
Providing venture capital
Expanding e-commerce opportunities and
Helping business start-ups
A Ј150m fund will be established to ensure all regions can improve their performance on innovation and supporting clusters. This fund will be administered by Regional Development Agencies (RDA’s). Business Links will have their funding increased by 30% and a Regional Venture Capital Fund will be set up to support business start-ups.
Source: Department of Trade and Industry