Small Welsh firms can get cash for growth (From Campaign Series)

Small Welsh firms can get cash for growth

6:20pm Thursday 11th October 2012 in News

WELSH businesses in the energy and environment sector could receive a boost under a new government scheme.

Business minister Edwina Hart launch the pilot Small and Medium Sized Enterprise (SME) growth fund on Wednesday.

The £330,000 fund will run for two years and provide up to £50,000 for eligible projects.

It is anticipated the fund will help create more than 60 jobs and safeguard around 40 jobs in the first 12 months, securing more than £290,000 of additional investment.

Mrs Hart said: “We have some very dynamic SMEs working in sub-sectors, such as environmental goods and services, where there is great potential for wealth creation and I hope the fund will support this activity and help them reach their potential.”

The fund will not duplicate the existing Wales SME Investment Fund.

Businesses applying for the non-repayable finance will need to provide a minimum of 50 per cent match funding.

Eligible project costs could include bringing in industry specific expertise, market research or studies or attending UK trade events.