BUSINESSES in Dorset are being invited to apply for funding to help grow their international trade.

The Institute of Export & International Trade (IOE&IT) is inviting small to medium-sized businesses (MSMEs) to apply for a share of £5m to help fund growth through exporting.

Marco Forgione, director general of The Institute of Export & International Trade, said: “As a leading organisation in international trade, founded on the principle of equipping people and companies to trade internationally, we have designed the Export Support Package to enable UK MSMEs to fulfil their business potential through exporting.”

Those successful will receive a bespoke programme of training and access to one-to-one consultancy to help them successfully grow their business through international trade.

The IOE&IT will match businesses with their trade experts to advise and support them on their exporting journey.

Mr Forgione added: “The UK has signed numerous trade agreements which will benefit MSMEs across the country. However, it’s essential we equip business with the knowledge, skills and expertise to take full advantage of these opportunities.

“Through this bespoke package of consultancy, training and implementation we will provide businesses with the knowledge and expertise to trade confidently and compliantly with the world.”

The membership body said the need for greater export support for SMEs is “stark”.

It said in the UK, of 5.5 million businesses registered, 99.9 per cent are classified as MSMEs yet fewer than 10 per cent of them export.

It said while overall exports in goods have risen by 16 per cent over the last year, according to the latest ONS data, not enough smaller firms are exporting.

The data shows the number of goods exported in the south west in Q1 of 2023 is 24,190.

The IOE&IT said with the UK signing numerous trade deals which will benefit small and medium-sized businesses across the UK, it is “essential” businesses are equipped with the knowledge, skills and expertise to take full advantage.

Registration of interest is now open and can be accessed via the IOE&IT’s website at export.org.uk/page/export-support-package.