Cynon Valley AM Christine Chapman has welcomed the announcement that the Welsh Government is to double the money made available to businesses under the Wales Economic Growth Fund to £30 million from £15 million. The announcement came as Business Minister Edwina Hart AM updated Assembly Members on the close of applications for the scheme, which was aimed as a fast-track route to help businesses access funding.
Mrs Chapman said “This is a very positive announcement, and it reflects the ambitions that the Welsh Government has in relation to encouraging businesses to grow”.
The Minister told AMs that there were 498 applications under the scheme. Due to the volume of applicants, the Welsh Government had decided to double the money available. Already, offers had been made to 41 businesses with a value of just over £12 million that would create and safeguard 1,300 jobs. The extra funding would enable support to be offered to a further 70 companies that would ensure 1,200 jobs in turn.
The Business Minister said: “I do not want to see viable businesses in Wales unable to grow because of the more risk averse attitude of the banks. As a result of the high number of applications, the quality of those applications, and the success of the fund, I have taken steps to identify additional funds from my budget”.
Speaking after the announcement, Mrs Chapman said: “During the debate, I asked for more information on the regional spread of applicants. I also asked the Minister what can be learnt in terms of enabling companies that may not normally be aware of support to get the information they need for success.
“I also welcomed the strong feedback mechanisms, which are vital in supporting businesses. I welcome this announcement, which shows the Welsh Government boosting the Welsh economy, which is crucial for all”.
