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Pilot Energy & Environment SME Growth Fund extended to include capital projects
Economy Minister Edwina Hart said:
”The Fund originally supported revenue costs but I have agreed to enhance it to include capital projects following demand from SMEs working in the sector and advice from the sector panel.
“Our over riding aim is to assist the generation of employment and wealth creation within Wales, by supporting and growing this sector. There are a number of dynamic SMEs working in sub sectors such as environmental goods and services where there is great potential for growth and I hope the fund will help these businesses reach their potential.”
Applications for the £ 590,000 Energy & Environment SME Growth Fund are invited for projects with eligible costs ranging from £4,000 up to a maximum of £100,000. Businesses applying for the non repayable finance will need to provide a minimum of 50% match funding. Further details are available on the Business Wales website.
It is anticipated the Fund will help create and safeguard around 180 jobs during 2013/14 securing more than £1.15m of additional investment.
The Fund is open to all small and medium sized enterprises working across the Energy and Environment sector.
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;
- Capital items – mobile equipment will be considered on a case by case basis and could include equipment and machinery for manufacturing, instrumentation etc.