New fund launched by Welsh Government to support jobs and business growth

The Welsh Government’s new £5m Growth and Prosperity Fund formally launches this week to provide a business boost to support jobs and growth in companies across Wales.

The Fund, part of a 10 point Business Confidence Plan announced by First Minister Carwyn Jones,  is split into two tranches with £2m allocated for smaller projects with grants ranging from £5,000 to £25,000 and £3m allocated for larger capital investment projects with grants ranging from £50,000 up to £500,000.

Both funds formally launch today, with applications for the small fund open until January 2017 while expressions of interest for the larger fund will be accepted up to 17 October 2016 when projects representing the best value for money will be invited to apply for funding.

[miptheme_quote author=”Alyn and Deeside AM Mr Sargeant said:” style=”boxquote text-left”]“The Welsh Labour Government’s priority is protecting jobs and growing businesses to create more jobs. This fund is one of a number of positive moves it is making to help businesses and I urge small to medium enterprises in Wales to apply.”[/miptheme_quote]

The small fund is currently accepting applications and is anticipated to support around 200 businesses with the potential to create and safeguard between 800- 1200 jobs within the 2016-17 financial year.

Businesses applying for the larger discretionary fund will need to show they will be able to raise the majority of funding from the private sector and projects will need to be completed by March 2018.

More information can be accessed via the Business Wales Helpline team on 03000 6 03000 or via www.businesswales.gov.wales.