£30million Economic Growth Fund opens for expressions of interest

The £30million Wales Economic Growth Fund opens today ( March 1) for expressions of interest from companies looking to access gap funding to support job creating projects.

The first phase is open to businesses across Wales and designed to support the needs of smaller businesses requiring funding of between £50,000 and £100,000. Expressions of interest can be submitted between March 1 – April 5.

The forms, guidance and frequently asked questions are available on line at www.business.wales.gov.uk/growthfund or can be requested by ringing the business helpline 03000 6 03000

Business Minister Edwina Hart said: ” The main focus of this initiative is the creation of new jobs and safeguarding of existing jobs. The Wales Economic Growth Fund has proved to be extremely successful providing businesses with access to non repayable finance to boost growth, stimulate investment and create jobs.

“This second phase has the potential to help create and safeguard up to 3000 jobs across Wales and I anticipate strong interest and advise businesses to submit expressions of interest promptly.”

Once received, the expressions of interest will determine whether businesses are eligible for the fund and if so, they will be invited to submit a full application between 3rd May to 31st May.

The process will ensure that companies do not go to the time and expense of completing a full application if they are not eligible for this fund.

Businesses are urged to read the guidance and background information before filling in the forms to ensure they are accurately completed.

Later in the year, expressions of interest will be invited for the second phase for grant requirements in excess of £100,000.