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Millions to boost small Wales firms 19/5/2009
An £8.75 million investment fund has been launched to support small businesses in South East Wales.
Almost 1,000 existing businesses will be financially supported and 400 new enterprises will emerge across the six local authorities from the South East Wales local investment fund, potentially creating 1,500 jobs.
The fund can provide grants of between a minimum of £1,000 and a maximum of £5,000 based on up to 35% of reasonable eligible project costs.
The South East Wales Local Investment Fund has received its grant support through the European Regional Development Fund, under the Convergence programme and is being led by the six South East Wales Valleys Local Authorities, Rhondda Cynon Taf, Blaenau Gwent, Bridgend, Caerphilly, Merthyr Tydfil and Torfaen.
The grants are designed to support a range of small and medium size enterprises (SMEs) and are aimed primarily at manufacturing businesses, but other sectors can be eligible.
Grants of over £5,000 may be considered although these will be referred to the Welsh Assembly Government.
Speaking at the launch, Councillor Russell Roberts, Leader of Rhondda Cynon Taf County Borough Council and Chair of the Connecting South East Wales Board, said: "A scheme such as the South East Wales Local Investment Fund will be very important in supporting the large SME base we have in the Valleys and could hardly come at a better time as we know how tough many of our businesses are finding it in these difficult economic circumstances.
"This scheme will enable SMEs to access grants to help with investments necessary to develop and grow their business, thereby making a bigger contribution to the economy from which we all benefit and have a vital interest in.
"The Local Investment Fund is also an excellent example of partnership working in practice with six Valleys authorities working closely together to develop the project and put together the bid to the Convergence Programme. Rhondda Cynon Taf is pleased to be the lead authority for the project, which will complement the regional economy in the Valleys.â€
Together with the contributions by businesses themselves it is anticipated that the local investment fund will bring £27 million of investment into the South East Wales economy over its five-year life.
This development and growth will ultimately generate a greater contribution to the regional and local economy.
If you would like to know more about the Local Investment Fund and how it can help your business please contact the Rhondda Cynon Taf Council, Business Support Team on 01443 495169 or alternatively email invest@rctcbc.gov.uk
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