New Growth And Prosperity Fund Launches This Week 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. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

Cabinet Secretary Ken Skates said: ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

“Our priority is creating and protecting jobs and supporting business growth and we are doing everything in our power to maintain economic confidence – this means building a strong and competitive business environment in Wales that can support future growth. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

“The Fund is one of a number of proactive confidence building measures we have launched to help businesses across Wales invest in projects that will create and safeguard jobs and support the growth of the economy. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

“The Fund is open to all SME businesses in Wales and the main aim is to create and safeguard jobs. Priority will be given to businesses looking to export and to companies creating high value jobs paying above the Welsh national average wage.” ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

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. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​