Businesses in some of Wales’ most deprived areas will receive a £7m jobs boost, including support for disabled workers, Deputy First Minister Ieuan Wyn Jones announced this week.
Almost 150 businesses will benefit from funding support of between £10,000 and £90,000.
This will help new and existing businesses with the cost of capital investments such as buying new equipment – supporting them in increasing productivity and job creation and so encouraging the employment of disadvantaged and disabled workers.
The Enhancement Areas Fund will create up to 600 jobs and help protect up to another 150. It will be delivered through the Welsh Assembly Government’s Single Investment Fund (SIF), and is backed with £6m from the EU’s Convergence European Regional Development Fund. It is expected to generate a total investment of £23m with additional private sector funding.
The support will mainly target small to medium sized enterprises (SMEs) in areas identified by the Assembly Government as Strategic Regeneration Areas (SRA), including locations within Anglesey, Gwynedd, Conwy, Denbighshire, Aberystwyth, Carmarthenshire, Swansea, Neath Port Talbot, Bridgend, Rhondda Cynon Taf, Merthyr Tydfil, Caerphilly and Blaenau Gwent.
Deputy First Minister, Ieuan Wyn Jones, said:
“We are committed to ensuring businesses within disadvantaged localities across Wales grow and develop.
“This investment will help increase capacity and reduce production costs as well as create jobs and employment opportunities for disabled and disadvantaged workers”, said Mr Jones, Minister for the Economy and Transport.
“These measures will contribute to our goal of revitalising communities by providing opportunities for everyone – and they will also support businesses to prepare for a strong and sustainable post recession economy.”
It is expected that demand for this new addition to the SIF programme will be high. Entrepreneurs and businesses located in the SRAs, who require financial support to start-up, or grow, are encouraged to make contact at the earliest opportunity.
The Fund could include assistance with purchasing capital assets such as land, buildings, equipment and machinery as well as intangible assets such as one-off professional fees and intellectual property acquired from third parties.
It could also help with costs, including wages, associated with safeguarding and creating employment for disadvantaged and disabled workers.
Further information visit the Flexible Support for Business (FS4B) website or call 03000 603000
