Business Minister Edwina Hart has urged businesses to take note and take advantage of the new £15million Wales Economic Growth Fund as full details for applications become available on Thursday December 1.
The Wales Economic Growth Fund and the SME Investment Fund were launched by the Welsh Government two weeks ago in direct response to the difficulties that businesses in Wales face in raising finance. The Fund will be open for applications from December 12 until January 31, 2011.
Mrs Hart said the Economic Growth Fund offers a lifeline for businesses that want to invest but cannot access the necessary finance. It is for investments that aim to complete in 2012 and designed to bring maximum benefits to the Welsh economy.
She said: “The Fund will provide immediate access to capital funding for investments that create and retain jobs.It is a short term, fast track fund that offers non repayable finance and is not restricted to any specific sectors. It will provide short-term assistance to businesses in Wales to respond to the current global economic crisis.
“It is time limited which is why I want to raise awareness amongst businesses that they will need to act swiftly to ensure they benefit.”
Application forms and guidance are available from Thursday December 1st on www.business.wales.gov.uk/growthfund and www.busnes.cymru.gov.uk/cronfatwf, through the business helpline 03000 603000 or through existing company contacts with the Welsh Government.
The Fund is open for applications from 12 December until 31st January and the process will be kept as simple and straight forward as possible. The minimum funding is £100,000.