Guide to Welsh Government Business Funding Programmes Introduction A ‘funding gap’ can arise, even when banks and other investors are presented with a good business plan, which they feel has commercial merit. Their ability to fund can be limited by factors such as a lack of deposit, security or serviceability As a result, a good opportunity to boost the Welsh economy is reduced or missed altogether. The Welsh Government has a number of business funding programmes which operate alongside private investment, and which have the potential to fill these ‘funding gaps’. The following introductory guides are intended for use by banks, advisors and other investors to identify quality opportunities, where a particular type of Welsh Government funding can bridge the gap between private sector appetite for investment and the business’ funding needs. Welsh Government funding is: • only deployed as ‘funding of last resort’. Available private sector sources (including Finance Wales) must be exhausted first; • applicable only where “additionality” is proven. This means that a project, without Welsh Government funding, would either not go ahead, go ahead on a reduced basis or happen more slowly. Welsh Government will only provide the minimum funding necessary;
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Guide to Welsh Government Business Funding Programmes
Introduction
A ‘funding gap’ can arise, even when banks and other investors are presented with a good business plan, which they feel has commercial merit.
Their ability to fund can be limited by factors such as a lack of deposit, security or serviceability As a result, a good opportunity to boost the Welsh economy is reduced or missed altogether.
The Welsh Government has a number of business funding programmes which operate alongside private investment, and which have the potential to fill these ‘funding gaps’.
The following introductory guides are intended for use by banks, advisors and other investors to identify quality opportunities, where a particular type of Welsh
Government funding can bridge the gap between private sector appetite for investment and the business’ funding needs.
Welsh Government funding is:
• only deployed as ‘funding of last resort’. Available private sector sources (including Finance Wales) must be exhausted first;
• applicable only where “additionality” is proven. This means that a project, without Welsh Government funding, would either not go ahead, go ahead on a reduced basis or happen more slowly. Welsh Government will only provide the minimum funding necessary;
Guide to Welsh Government Business Funding Programmes
Introduction
• discretionary. All applications are subject to Welsh Government due diligence to ensure a sensible delivery risk, value for money and compliance with state aid regulations; and
• not applied retrospectively. A project cannot have started prior to an offer of Welsh Government funding being made.
When an opportunity is identified, the bank, advisor or investor should contact the Welsh Government.
Welsh Government, Department for Economy, Science and Transport (EST), QED Centre, Treforest Industrial Estate, Treforest, Rhondda Cynon Taf, CF37 5YR
Tel: 03000 6 03000
Email: [email protected]
Web: business.wales.gov.uk
Business Wales will take your details, record the enquiry, and identify the most appropriate Official to handle the case, or a Local Authority in the case of the Local Investment Fund (LIF). The notified Official will then respond as soon as possible.
WG16912 / G/MH/4549 / 0313 © Crown copyright 2013
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