Launch of £6m Fund to Help Wales’ Businesses Prepare for Brexit
With the UK due to leave the European Union at the end of January, or sooner if Parliament approves a withdrawal agreement, the Welsh Government is once again acting to support the business community during these prevailing uncertain times.
A multi-million-pound Brexit Resilience Fund has been announced to help Welsh businesses adapt to the changes in a post-Brexit Welsh economy. This fund builds on the success of the previous Welsh Government Brexit Resilience Fund, delivered by Business Wales.
The Fund aims to:
safeguard jobs; and
guarantee the trade flows between Wales and the rest of the world.
The £6 million now being made available will include £5 million of loan funding through the Development Bank of Wales to support companies with capital investment projects needed to mitigate the effects of Brexit.
A £1 million capital grant fund, administered through Business Wales, will be co-invested alongside the Development Bank’s loan. The integrated offer will mean businesses can apply for grant funding of up to 20% of eligible project costs, from £10,000 to £50,000. This will be matched by a loan of the same amount or more.
Small and medium-sized enterprises that have been trading for at least 12 months, from across Wales, may apply.
Chief Executive of the Development Bank of Wales Giles Thorley said:
“This additional funding from the Welsh Government will help support businesses with their preparations during this period of economic uncertainty.
“The Development Bank is committed to supporting Welsh businesses and this new funding offers an important boost for micro to medium-sized businesses impacted by Brexit.”
Applications are open until 28 February 2020, funds permitting.
More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news and policy. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.