Thursday 28 November 2013

Wales Economic Growth Fund 2

The Welsh Government has opened the second 2013 phase of its Wales Economic Growth Fund – a £30 million economic stimulus designed to help private and social enterprises through the prevailing economic downturn.
The initiative is a short-term, fast-track fund for Welsh businesses and social enterprises, providing immediate access to non-repayable capital funding for investments that will create and retain employment opportunities, growth and wealth.
Funding allocations for 2013 are delivered two phases. Phase 1, which has now completed, provided grants of between £50,000 and £100,000 for smaller enterprises. The current phase, Phase 2, is providing grants of £100,000 and over for those enterprises requiring larger investments.
Eligible expenditure can include new investment in capital assets (machinery, computer equipment, buildings etc). Intellectual property bought from a third party, professional fees and other one off costs related to the investment may also be eligible. Additionally, revenue costs associated with the capital investment can be funded.
Wales-based organisations operating within the private and non-profit social enterprise sectors that have projects planned to improve productivity and create and maintain jobs may be eligible for support.
Expressions of Interest for Phase Two are now being invited with a deadline for submissions of 16 December 2013.
(This report was the subject of a GRANTfinder Newsflash.)

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