Businesses to benefit from £19m investment in South West Wales

The South West Wales Flexible Business Finance Scheme is the first local authority led project to receive Convergence support totaling £8.9 million from the European Regional Development Fund (ERDF).

Under the new scheme almost 2,000 grants will be available of up to £5,000 to help new and existing businesses grow and expand. The project, which spans the counties of Carmarthenshire, Swansea, Pembrokeshire and Neath Port Talbot, will support 400 new start ups and 1,400 existing companies.

It is anticipated the scheme could create around 1,000 new jobs over the next six years.

To mark the announcement Mr Jones, who is also Minister for the Economy and Transport, visited the new state-of-the-art Delta Lakes Enterprise Centre in Carmarthenshire which was supported through the Objective 1 programmes. During his visit he said:

I am pleased to announce that this collaborative project has been approved for European funding and will lead the way in offering more support to businesses in South West Wales, meeting local needs and helping them to invest in development they would otherwise be reluctant to do. This project will complement the Assembly Government’s Single Investment Fund and work in collaboration with Flexible Support for Business which I launched in April of this year.

It is fitting that we are here today at this new facility which will become home to a number of businesses. The Convergence investment will further strengthen the economic base of this region creating jobs, improving business competitiveness and bringing increased prosperity to people in Wales.

It is also an excellent example of how partnership working can maximise the impact the Structural Funds are having on Wales.

Through the scheme businesses will be able to apply for up to two grants to help them make capital investments such as buying a new piece of equipment or extending their business premises.

Carmarthenshire County Council Leader Meryl Gravell said:

We are absolutely delighted to have secured this Convergence grant, which will bring many economic benefits to the whole South West region.

The project will provide support to SMEs to help them develop and meet market opportunities and lead to job creation and increased turnover within a sustainable economy, which in turn will foster a growing entrepreneurship culture. We are very pleased to be working in collaboration on this regional programme and can see the benefits of working closely with our neighbouring authorities.

Related Links

http://new.wales.gov.uk/topics/businessandeconomy/?lang=en

http://new.wales.gov.uk/topics/international/europeanunion/?lang=en

http://new.wales.gov.uk/topics/international/funding/?lang=en