Additional £1.7m to help Welsh business weather Brexit
14 Mar 2019 01:07 PM
The Economy Minister, Ken Skates has announced an additional £1.7m to help Welsh SMEs weather the challenges and uncertainties of Brexit.
The money is being made available via the Welsh Government’s Business Resilience Fund, which was launched in November, with an initial invite for SMEs to bid for their share of a £1m pot.
Following strong demand from companies in Wales, the Welsh Government has acted speedily to provide more business support and has now allocated an addition £1.7m to the fund. This will enable more firms, many of whom have already approached Welsh Government with ideas, to have their bids considered.
The money is part of the Welsh Government’s £50m EU Transition Fund. Through the fund, companies across Wales can bid for between £10,000 and £100,000 of Welsh Government funding.
This can pay for up to 50% of costs for projects that, for example, improve production capability here in Wales, strengthen supply chains and mitigate Brexit related risks such as the impact of delayed border checks on time sensitive products.
To qualify for the funding, applicants must demonstrate that their project will help safeguard jobs during the uncertain time leading up to and after Brexit.
The Economy Minister, will formally announce the additional money at a visit to Asbri Golf in Caerphilly, who have already successfully bid for support from the fund.
The company, who manufacture and supply branded golf equipment and clothing to the sport and leisure industry and have supplied design solutions for many major global brands including Puma, Under Armour, Merrell and Kappa, have been allocated £35k to invest in three new machines. This will enable them to safeguard eight Welsh jobs.
The Economy Minister yesterday said:
“I am committed to doing all I can to help Welsh businesses build resilience and prepare for the challenges of Brexit.
“Initiatives like our Business Wales Brexit Portal, which is providing up to date information and business advice, and has now been accessed by just shy of 30,000 businesses, and our diagnostic tool, are helping Welsh companies to plan and access practical support that addresses their specific business needs.
“We also launched our Business Resilience Fund back in November to help companies across Wales access additional funding to help with projects that will safeguard jobs.
“Key indicators, such as export figures and labour market statistics continue to show that our business friendly approach is paying dividends and today, following a strong take up from the sector, I am delighted to announce an additional £1.7m for our Business Resilience Fund.
“This additional money will enable more companies, many of whom have already approached Welsh Government with ideas, to bid for support from the fund and prepare for the short and long term implications of Brexit.
“I look forward to this additional money helping more Welsh businesses to build resilience so we can protect Welsh jobs and prepare for challenging times ahead.”