Wales' small firms set for funding boost

Small businesses in Wales could be among those to benefit from a new fund aimed at increasing job numbers and creating economic growth.

The Welsh government has launched the second part of the Economic Growth Fund which, according to ministers, will help either create or safeguard around 3,000 positions.

Additionally, around 200 firms will be assisted by the money, giving them access to money for expansion at a time when banks are struggling to lend.

Edwina Hart, the business minister, said that this money "reinforces" the government's commitment to business support.

"It will act as an economic stimulus and provide the capital that businesses in Wales need to invest in new equipment, grow their companies, win new contracts and create jobs and wealth," she explained.

"The Economic Growth Fund, which first opened for business in 2012, has proved to be a highly successful intervention by the Welsh government."

North-east businesses were also a given a funding boost earlier this month under the European Regional Development Fund Competitiveness Programme.

Posted by Emily Smith

Date published 15 Feb 2013 | Last updated 15 Feb 2013