As the Welsh Government’s £15million Economic Growth Fund closes its doors to new applications, Wrexham Assembly Member Lesley Griffiths has spoken of what the ‘phenomenal’ takeup of the scheme says about Welsh companies 2012 ambitions.
The Economic Growth Fund closed its doors to new applicants on midnight 31st January 2012. Since began in December, more than 220 applications have been received and it is thought more than 100 businesses will be helped from across Wales in 2012 as a result of the Scheme.
In response to demands from industry, the Welsh Government’s has allocated £40million more funds for the launch of a new all-Wales SME Investment Fund which will begin providing finance to Welsh businesses from March 2012.
This will be managed by Finance Wales and consist of £20m from the Welsh Government and an additional £20m of investment from private finance.
AM Griffiths has written to businesses in the Constituency of Wrexham to let them know of the scheme.
Speaking of the recently wound-up Economic Growth Fund, Lesley said:
“The phenomenal rate of applications received by the Economic Growth Fund shows the appetite small and medium sized companies have for expansion, even in the current frosty economic climate.”
“Some of the most innovative companies are to be found right here in Wales and the high level of interest in the Scheme demonstrates the appetite for growth there is in 2012.
“Many Welsh companies want to expand but just face difficulties in securing the necessary finance to realise their plans. It is right that the Welsh Government has stepped in with creative schemes designed to support the needs of companies.
“The Welsh Governments is demonstrating its continued commitment to jobs, growth and Small and medium sized businesses in Wales with the launch of the SME Investment Fund in March. This sends the right message to companies that the Welsh Government has confidence in their ambitions and is prepared to back this with investment.”
