The Welsh Government has formally launched a £1million Brexit Resilience Fund which is available to Welsh businesses, to help them adapt to the changes in a post-Brexit Welsh economy.
Business Wales is offering eligible businesses the opportunity to apply for funding of between £10,000 and £100,000 up to 50% of project costs.
The Brexit Resilience Fund aims to:
- develop capacity
- improve processes
- retain competitiveness
- safeguard jobs
- guarantee the trade flows between Wales and the rest of the world
Economy Secretary Ken Skates, said:
“SMEs are the backbone of the our economy and my Economic Action Plan makes absolutely clear my commitment to ensuring they are supported as they look to grow and prosper in a post Brexit world.
There are just a matter of months now until the UK leaves the EU. However, the UK Government’s approach to Brexit means businesses in Wales are left with many unanswered questions about what the future holds, with SMEs potentially particularly vulnerable to changes in the economic landscape.
The creation of the Development Bank of Wales, our Brexit Portal and the wider support provided by Business Wales have already been very well received, but I understand too that there are businesses who will need that extra bit of support over the coming months and years.
This £1m fund, I hope, will reach those businesses whilst incentivising all SMEs in Wales to register with Business Wales and benefit from the Brexit Portal and the specialist support on offer.
These are uncertain times, but I want to reassure businesses of all sizes from across Wales that Welsh Government will continue to use all the tools at our disposal as we look to safeguard jobs and ensure our economy continues to grow and prosper.”
To apply, businesses must:
- be registered to trade in Wales
- register with Business Wales and complete the Brexit Toolkit on application
- be able to demonstrate that the funding will contribute to safeguarding jobs
- have been trading for 12 months or more on the day of application
If your business meets the above criteria and has a project in mind that would help you build resilience and cope with the changes you may face post Brexit, this fund is for you.
For further information and to apply please call 03000 6 03000 where you will be put in touch with an adviser to complete the application process.
The Business Wales Brexit Resilience Fund is open to applications until 31st March 2020, funds permitting.