Wales is targeted by the EU as a region requiring investment. Historically, GDP per head and average salaries have trailed the EU as a whole and, because of this, the Welsh Government is able to offer support to new and existing businesses looking to expand. These businesses can be indigenous or looking to locate all or part of their business here.
In May 2018 the Welsh Government introduced its new approach to business support - Prosperity for All : Economic Action Plan. Summary details of the scheme can be found here.
Businesses seeking Welsh Government support will need to enter into a new Economic Contract.
This Economic Contract is the centrepiece of the Welsh Government's new approach. It will frame the reciprocal relationship between Government and business and it aims to drive public investment with a social purpose.
The Welsh Government will apply the Economic Contract to its direct financial support to business. This Contract will require businesses seeking investment to demonstrate that they meet the four pillars of social purpose. This will be the first stage requirement for businesses before being considered for funding.
The four pillars are:
Having complied with the Economic Contract, businesses seeking financial support from the Welsh Government will then be expected to contribute to at least one of its five Calls to Action which are designed to address the challenges of tomorrow. In this way, Government support for business will also contribute to wider benefits for the people of Wales from businesses that are preparing proactively for future change.
These Calls to Action are as follows:
It is important to state from the start that no business has a right to this support. You need to comply with the terms of the Economic Contract, contribute to at least one of the Calls to Action listed above and present a case that justifies why support is required and the level of the support requested. It will always be 'the minimum necessary to proceed.'
The maximum level of support is set down by European legislation and is dependent upon both the size of the company and the location of the project. The percentage of qualifying costs supported are as follows:
Tier 1 areas -
Tier 2 areas -
If you are looking to start a business, expand, restructure or develop new products or services it will pay to have a no-obligation chat with us to run through your project.
We would be happy to discuss any potential project you have and the likelihood of accessing support under the Economic Action Plan. In fact, given the current
budgetary constraints within the Welsh Government, it is more critical than ever that you engage the services of a grant consultant. Only the best projects will secure support and we can help
you to present your case in the most positive light.
Any discussions that we do have with you will be completely confidential and without obligation. To get the very best FREE initial advice please give us a call on 01656 750808 or send us an e-mail.
Should we ultimately be engaged to help you with the grant application, we work on a NO WIN, NO FEE basis.