Businesses and people looking to start a business in Swansea could receive thousands of pounds in funding to help turn their plans into reality.
Swansea Council’s Local Growth Fund offers financial support to people starting a business as well as established businesses looking to grow, develop new products and services, create jobs or reduce their energy use and carbon emissions.
The programme is funded by the UK and Welsh governments and includes four grants:
- Help to start a new business: People who have not yet registered or started trading can apply for a Pre-start Grant of up to £25,000. The first £2,000 of eligible costs can be fully funded. For funding above £2,000, the grant can cover up to half of eligible costs. The money can be used towards costs such as equipment, training and qualifications, initial stock and marketing. Applicants will need to provide a business plan and a 12-month financial forecast to show that their proposed business is viable.
- Funding to help existing businesses grow: Established businesses planning to introduce a new product or service and create new jobs can apply for a growth grant of up to £50,000. The amount available will depend on the number of jobs being created and the details of the project. Grants will cover up to 50% of eligible project costs.
- Help to cut energy costs and carbon emissions: Businesses investing in measures to reduce their carbon emissions and energy costs can apply for a carbon reduction grant. Funding of up to £10,000 is normally available, with grants of up to £30,000 possible for projects that can demonstrate particularly good value for money. The grant can support measures such as low-carbon energy generation, improvements to energy efficiency and changes to business processes that reduce carbon emissions. Funding can cover up to 50% of eligible project costs.
- Support to develop new ideas: Businesses developing new or improved products, services or ways of working can apply for an innovation grant of up to £10,000. The funding can help meet costs including creating prototypes, testing products, patents and protecting intellectual property. It can cover up to 50% of eligible project costs.
Council Leader Rob Stewart said:
“Swansea has a fantastic mix of established businesses and people with great ideas who are ready to take the first step towards starting their own business.
“We want to give them the support they need to succeed. Whether that means buying equipment to get a new business off the ground, creating jobs, developing a new product or cutting energy costs, this funding can make a real difference.
“I’d encourage anyone with a business idea, or an existing business with plans to grow and invest, to get in touch with our team and find out what support could be available.”
The Local Growth Fund is part of Swansea Council’s work to support local businesses, encourage investment and help create jobs across the city and county.
Businesses and aspiring entrepreneurs who would like to find out more about the Local Growth Fund can email businessswansea@swansea.gov.uk
