Second phase of £30m Wales Economic Growth Fund launched

Welsh Labour’s Business Minister Edwina Hart today launched the second phase of the Wales Economic Growth Fund – a £30million Welsh Labour Government funded economic stimulus aimed at creating jobs, growth and wealth.

The non-repayable funding is designed to help create and safeguard up to 3,000 jobs and assist around 200 businesses across Wales. It will act as an economic stimulus and provide the capital that businesses in Wales need to invest in new equipment, grow their companies, win new contracts and create jobs and wealth. In the first phase, more than £31million was committed to support 119 business investment projects around Wales with the potential to create some 1,800 jobs and safeguard around 1,600 jobs.

The new Fund will be delivered in two tranches – the first is geared to support the needs of smaller businesses requiring funding of between £50,000 and £100,000. Expressions of interest should be lodged between March 1 and April 5, followed by detailed applications between 3rd and 31st May.

A further round will open in the autumn for businesses requiring larger investment of over £100,000 and details of this will be announced nearer the date.