The new Welsh Economic Growth Fund 2 will be launched on 1 March 2013. The non-repayable grant fund is intended to support business and social enterprise that will stimulate economic growth and create or safeguard employment; or help businesses move forward projects that will bring economic benefits for Wales. Phase 1 will be seeking Expressions of Interest for project funding of between £50,000 and £100,000. Phase 2, due in autumn 2013, will be seeking Expressions of Interest for project funding of over £100,000.
Phase 1 Expressions of Interest should be submitted no earlier than 1 March 2013. The closing date for receipt is 5 April 2013. For successful Expressions of Interest, the fund will be open for applications between 3 May and 31 May 2013.
The fund is primarily intended to support investment in capital assets, including plant, machinery and IT equipment, buildings, fixtures and fittings, etc. Revenue costs are not normally eligible, but the cost of training on new equipment can be considered on a case-by-case basis. Another exception is where projects have relatively low capital expenditure compared with salary costs, when new jobs over 2 years can be considered on the basis of 'Aid for Job Creation'. Some essential specialist vehicles might be eligible for support if they are part of a much larger project.
The level of grant varies between regions (for further clarification, use the telephone contact number below).
Tier 1. 50% maximum, in the Wales Convergence Area. For map, click here.
Tier 2. 35% maximum, Flintshire, SE Wales/Newport, Brecon/Abertaf/Ystrad Gynlais.
Tier 3. 30% maximum, Wrexham, Powys, Monmouthshire, Cardiff, Vale of Glamorgan.
For more information, go to:
Frequently Asked Questions
Growth Fund Guidance
Or Telephone: 03000 6 03000
New support and information services are available via the Welsh Government 'Business Wales' web site, and from eleven 'One Stop Shops' distributed across the whole of Wales.
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