This funding will support those SMEs considering investing in new capital assets and is expected to create at least 4,000 jobs and unlock around £500 million of new investment.
Speaking at the 'Exporting for Growth' conference in central London, Prime Minister David Cameron said: 'British SMEs are already doing incredible things, but we urgently need more of them to follow that boldness. We need this to be a country where more people think 'I can start my own business and I can sell to the world.
'Our determination is to come through these difficult times stronger, to trade our way to growth and jobs. We need to show real optimism about the future, and we need to show real aggression about pursuing Britain's interests in the world. The markets are there to be tapped; the deals are there to be done, the opportunities are there to be capitalised on. Now together we must seize them.'