New Business Development Grant to open for applications soon

A new Welsh Government grant is launching on Wednesday, October 28 to help businesses fund development projects that will assist their recovery from the effects of the Covid-19 pandemic.

The business development grants will be open to businesses of all sizes with the fund remaining open for applications for four weeks or until the fund is fully committed.

The Welsh Government has said it particularly welcomes development projects that will help sustain and create jobs for young people (25 and under), people with disabilities and people from Black, Asian and Minority Ethnic communities.

As part of the new fund:

• Micro businesses (employing between 1 and 9 people) will be able to apply for up to £10,000 on the condition they match this with their own investment of at least 10%; For Tourism and Hospitality micro businesses and those micro businesses forced to close due to the short Fire Break lockdown there will be discretion for grant awards of up to 100%;
• SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000. Small businesses (up to 50 employees) will be required to match this with their own investment of at least 10% and medium businesses (between 50 and 249 employees) with at least 20% of their own funding; For Tourism and Hospitality SME’s and those micro businesses forced to close due to the short Fire Break lockdown there will be discretion for grant awards of up to 100%;
• Large businesses (employing 250+ people) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%.

If the project is creating new jobs for young people (aged 25 and under), businesses may be eligible for a higher level of award.                                                                         

The funding which forms part of the Welsh Government’s Economic Resilience Fund is to cover the period from October 2020 to 31 March 2021.

The projects should address one or more of the calls to action in the Welsh Government’s Economic Action Plan:

1. Reduce carbon emissions
2. Develop Innovation and entrepreneurship
3. Increase Exports and Trade
4. Create high quality employment, skills development
5. Develop Automation, and Digitalisation

For more details or to apply visit the Business Wales webpage.