A £45 million package of funding that will help small businesses across Wales to grow and support thousands of people to train to work in key sectors is being made available by the Welsh Government.
As part of the package, £35 million will help small and medium sized businesses (SMEs) in Wales relaunch, develop, decarbonise and grow to help drive Wales’ economic recovery. Administered by local authorities, it provides an opportunity to kick-start and grow the economy following the impact of the Coronavirus pandemic and the UK’s departure from the EU.
Businesses will be invited to identify ways in which investment will help them re-launch their business, develop it in innovative new ways, and create new jobs.
In a joint initiative between the Economy Minister and the Minister for Education and Welsh Language, Jeremy Miles, an additional £10 million is being made available to boost Wales’ popular Personal Learning Accounts. This will enable further education colleges to deliver additional courses and qualifications which will help 2,000 people access a wider range of job and earning opportunities in priority sectors facing labour shortages.
Funding will be specifically targeted at reengaging and retraining staff to return to work in the NHS and in social care, training more HGV lorry drivers, reskilling individuals to respond to exciting new job opportunities in green construction and renewable energy, and to ensure there are more trained chefs, waiting and front of house staff to work in Wales’ thriving hospitality sector.
Ministers say the substantial package will help support Wales’ economy through the winter months.
Businesses will be expected to match-fund any grants made available by the Welsh Government.
The £35 million SME funding will further boost existing local authority business support grants and each local authority will define the timeline for their scheme to open starting from November through to January 2022.
Applications will need to be made direct to local authorities once their individual grant schemes open.
For further information please visit GOV.Wales