The Welsh government has announced the opening of applications for the Future Proofing Fund, designed to support micro, small, and medium businesses in the retail, hospitality, and leisure sectors.
Businesses can now use the online eligibility checker to determine if they qualify for this match-funded grant program and proceed to apply, if eligible.
Eligible businesses can apply for capital funding grants ranging from £5,000 to £10,000. These grants are intended to be used entirely within the financial year 2024-2025 to invest in measures that will future proof their operations. The grants aim to help businesses achieve cost savings, reduce fixed costs, or increase revenue.
Applications are open until 11:59pm on 6 June, or until the total value of submitted applications exceeds the budget allocation. Successful applicants will be notified by 31 August. All projects must be completed and claims submitted with evidence of expenditure by 28 February 2025.
The grant will cover up to 75 per cent of eligible capital project costs, with a maximum of £10,000. The remaining match amount must be sourced by the business, excluding any other public sector funding.
The grant must be used for capital expenses only, and no revenue costs are eligible.
Awards under the fund are made under the Minimum Financial Assistance (MFA) Subsidy Control Regime and any award made under this fund should not exceed £315,000 of total MFA assistance cumulated by the applicant/business over the current and previous two financial years.
The fund operates on a competitive basis, and all awards are discretionary, with no appeals process. Therefore, businesses are encouraged to apply promptly and ensure their submissions are thorough.
For more information and to access the eligibility checker, businesses can visit the Welsh government's Business Wales website.
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