Welsh Government Future Proofing Fund Guidance

The Future Proofing Fund (Fund) will provide match-funded capital grant between £5,000 - £10,000 to be used entirely during the 2024/25 financial to eligible micro, small and medium businesses in the retail, hospitality, and leisure sectors, to allow them to invest in measures to future proof their business and operate from a property with a rateable value as of the 1st April 2024 between £6,001 and £51,000.

The Fund will support businesses that are either:

• Micro businesses employing between 1-9 employees.
• Small businesses employing between 10-49 employees.
• Medium sized businesses employing between 50-249 employees.

The key aim is to future proof the business and this will be achieved through realising cost savings, reducing the percentage of fixed costs impacting the business or increasing revenue. 

The funding will be delivered through an online application and administered through the Welsh Government. 

Total project costs can be any amount, but the Welsh Government grant element cannot exceed 75% of eligible project costs or £10,000, whichever is the lesser amount.  The business will contribute the remaining 25% from other sources including loans.  

Applications will be open Mid-May 2024

The applications will be open for 3 weeks or until the fund is fully subscribed.

Funding is to cover the period from 1st August 2024 – 28th February 2025

On the final page of the checker there is a list of information you will need to complete the application when the application stage opens. This includes:

• VAT registration Number (if applicable).
• Company Registration or Charity Commission Number (if applicable).
• The sector the business works in.
• At least 2 quotes for each piece of capital purchase or other costs associated with the delivery of your project.  These can be electronic but where possible need to be presented on formal letterheaded paperwork and include the company registration number of the supplier so that the identity of the supplier can be verified.
• Evidence of your match funding proportion by way of bank statement and/or loan agreement paperwork.
• Copy of your non-domestic rates invoice from your local authority and in the name of the applicant business.
• Bank statements for the previous 3 months to verify that the business is actively trading and as evidence of sufficient cashflow.

Decisions for applications will be made by the end August at the latest when the grant award letters are issued.

You will then deliver your project and pay all costs incurred.  Applicants are reminded that all project delivery needs to conclude and the claim form submitted by 28 February 2025.

Please note:  Once the project has been completed, please submit your claim.

The Economic Contract is part of the Welsh Government’s “Prosperity for All - Economic Action Plan”. It is designed to enable the Welsh Government to develop a new and strengthened relationship with organisations and to drive inclusive growth and responsible business behaviours, including increasing the availability of fair work, green growth and climate resilience. It means that companies receiving support commit to a something for something approach that is built firmly on the principles of collaboration. 

In January 2026, we will contact you to take part in a short impact survey so that we can check that your business is still trading, and that the investment of public funds has been used appropriately by you and that it has had a positive impact on your business.  

No, the grant cannot be used to purchase vehicles.

In this example, as long as the entire business has a single legal status and set of accounts, it meets the criteria for trading history and therefore the business can apply.  If the new premises is a standalone business with its own legal status and set of accounts, it would not be eligible. 

There is a limit to 1 application per business However, please note that a single business owner or Director is also limited to 2 applications in total irrespective of the number of businesses owned. Information is detailed on page 3 in the Guidance document. 

Eligible businesses that occupy premises with a rateable value of up to £6,000, will continue to benefit from 100% rates relief via the Small Business Rates Relief Scheme and are therefore ineligible to apply to the Future Proofing Fund.

The Future Proofing Fund is designed to help eligible retail, hospitality and leisure businesses in Wales strengthen their business operations.

Recognising that the fund can’t support all businesses in the retail, leisure and hospitality sectors, the available budget is focussed on those businesses within the rateable value band between £6,001 and £51,000. Micro, small and medium sized businesses are most likely to have limited scope to invest in their businesses without additional grant support.

Eligible businesses that occupy premises with a rateable value in excess of £51,000, will continue to benefit from other Welsh Government schemes, such as the NDR Rates Relief and accessing loans through the Development Bank of Wales.

Yes, but please reference this point and explain the benefits in the section of the application form where applicants are required to outline the benefits of the project to the business.

The Future Proofing Fund is only available to businesses directly operating in the retail, hospitality, or leisure sectors.  Supply chain businesses that do not fall into these sectors are not eligible.

Please choose the sector that reflects where most of the business revenue is generated from.

The Future Proofing Fund is designed to support businesses currently paying rates. If a property is removed from the rating list, for whatever reason, and therefore does not have a current rateable value, this property would not be eligible for support.

The eligibility checker opened on 17 April and applications are expected to open in mid-May. Therefore, applicants have a period of 4 weeks to obtain relevant quotes before the application state opens. 

In this example, one quote will be sufficient but please explain the reasons why in your application.

Narrative are questions required for the application, as follows.

Please describe your project. Please provide a detailed overview of the project - maximum 7500 characters

Please outline the benefits of the project and describe how this will improve the business - maximum 3000 characters.

Project Risks / Challenges. Please provide a summary of the associated risks and/or challenges you foresee in this project - maximum 2500 characters.

Project and Resources Management. Outline how the project will be effectively managed to ensure successful project delivery, this could include management of supply chain - maximum 2500 characters.

Please explain how your business aligns to the fair work principles. Explain how you will make a commitment to improving or strengthening fair work practices through the award of the grant - maximum 3000 characters.

Please provide information on how this project will commit to the pledges that the organisation is working towards - maximum 3000 characters.

Applicants are required to submit their application electronically through the link at the end of the eligibility checker The Future Proofing Fund Eligibility Checker However, applicants with specific access requirements should contact the helpline for further assistance.

The application cannot be saved and has to be completed and submitted in a single session. However, in order to preview the questions in preparation to submit the final version, applicants can click through the various sections on the online application form.

All projects should be standalone and must be completed with defrayed expenditure prior to submitting the claim which is due by the 28 February 2025.

The risk and responsibility to check and obtain any consents of any nature including planning consent in order to complete and claim for the project, remain the sole responsibility of the applicant.

Sole traders that do not employ any other staff, can make an application to the Future Proofing Fund as long as they meet all other criteria. In support of their application, these applicants will be required to submit a copy of their most recently filed Self-Assessment Return that shows the earnings and the tax due, and evidence that the payment has been made.

Applicants are required to submit supporting documentation via  email within 1 working day of their application submission, to FutureProofingFund@gov.wales . These can be separate files or a compressed file format.

Applicants to the Future Proofing Fund must satisfy all fund criteria as set out in the eligibility checker and guidance including the requirement to operate from a business premises that pays non-domestic rates.

The minimum turnover requirement is £50,000 pa. This is self-declared, and applicants should note that at the end of the application, they are required to sign Declarations regarding accuracy of data supplied. Under the terms and conditions of any grant awarded, paid amounts can also be reclaimed by the Welsh Government if it later comes to light that information provided was inaccurate.

Yes, the application form and guidance are available in Welsh which can be accessed via The Future Proofing Fund Eligibility Checker

If the business is registered for VAT then these costs cannot be included in any grant claim, as the VAT element can be reclaimed.

If the business is not registered for VAT, these costs can be included in any grant claim, as the VAT element cannot be reclaimed.