Hundreds of SMEs have signed up for the government’s Growth Voucher Scheme in the first month.

Already £1.6 million worth of Growth Vouchers have been allocated, climbing to 1682 applications, a spokesperson for the Growth Vouchers Programme reported on Twitter  yesterday.

The Growth Voucher Project, which is being led and administered for the Department of Business Innovation and Skills by business service provider BE Group, offers small and micro businesses a voucher worth up to £2,000 to go towards strategic businesses advice to help them grow.

The programme is being rolled out to 20,000 British businesses between now and March 2015.

The criteria for selected businesses are they must have fewer than 50 employees, have been trading for at least a year and have annual turnover or a balance sheet worth no more than £10m. They can seek strategic advice on one of five key themes – managing cash flow and negotiating finance; developing skills and recruitment; improving management; marketing; and digital technology.

BE Group chief executive Alastair MacColl said:

“The early success of the Growth Vouchers programme is highly encouraging.”

Photo by Adam Selwood