Business Minister Edwina Hart has launched a new pilot SME Growth Fund specifically designed to support Wales based businesses in the Energy and Environment Sector.
The £330,000 Energy & Environment SME Growth Fund will initially run for two years and provide up to a maximum of £50,000 funding for eligible projects.
It is anticipated the Fund will help create more than sixty new jobs and safeguard around forty jobs in the first twelve months, securing more than £290,000 of additional investment.
Announcing the new Fund Mrs Hart said:
“Access to finance is vital for the growth of smaller business and as this is not readily available in the current economic climate the Welsh Government has taken the lead in creating this new fund for one of our key sectors.
“It will support the research, development, commercialisation and exploitation of new innovative products and services and help companies grow their market share in both domestic and international markets.
“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 spin out activity and I hope the fund will support this activity and help them reach their potential.”
The Fund, which will be accessible to all small and medium sized enterprises working across the Energy and Environment sector, will provide revenue support and will not duplicate the existing Wales SME Investment Fund.
Businesses applying for the non repayable finance will need to provide a minimum of 50% match funding.
Eligible project costs could include:
Costs of bringing in industry specific expertise;
Market research or studies;
Costs of UK trade events;
Costs associated with putting together a bid for larger funds (excluding Welsh Government funded grants);
Legal advice on formation of a consortium or other Special Purpose Vehicle (SPV);
Production of a marketing strategy;