8th December 2011

Wales Economic Growth Fund – Advice from Accountants Broomfield & Alexander

Wales Economic Growth Fund: Advice from Mike Fenwick, Director of Grants at Broomfield and Alexander Professional Accountants

The Wales Economic Growth Fund is a new £15 million short-term, fast-track fund for businesses, providing immediate access to non-repayable grant funding for capital investment that will create and retain jobs.

The minimum level of funding is £100,000 and applications are open from 12 December 2011 with a closing date of 31 January 2012. The funding will need to be spent by the 31 December 2012.

The fund is open to applications from businesses from all sectors throughout Wales, however funding is discretionary and is subject to state aid rules and limits and the onus is on the applicant company to prove need. Retail businesses and businesses which provide services to the local market will not be eligible for support.
Applicant businesses will need to submit a business plan and detailed financial forecasts in support of their application. The business plan will need to demonstrate why grant is required and at what level, and the anticipated contribution the project will make to the wider economy.

The application will then be assessed by the Welsh Government based on a number of different criteria including project location, need, viability, value for money and state aid compliance.

The Welsh Government have indicated that they will provide an applicant with an in principle decision on support within 14 working days however further due diligence nay be required before a formal offer is made.

Our specialist grants team can advise you on your potential eligibility and assist you in making an application for funding. If you are interested in discussing a potential application please contact Mike Fenwick, Director of Grants on 02920 739412 or e mail Mike at mike.fenwick@broomfield.co.uk