There are a range of small business grants in Wales available to help the growing businesses in the region.
Business grants are sums of money that you can claim to support your small business without any need to pay it back.
Offering business grants in Wales is one of the effective ways to encourage start-ups and self-employed to start their journey.
So,k if you are looking for small business grants available in Wales then you are on the right path.
Here, I will provide an understanding of small business grants, the importance of grants in business growth, the types of business grants available in Wales, and eligibility criteria.
Let’s dive into the deep!
What is a Small Business Grant?
A business grant is typically a non-payable sum of money that will be provided to a business when it meets certain criteria.
An organization that is completing a specific project or activity can be eligible to be awarded the grant.
However, some business grants are completely or partially repayable. So, it is most important to check every detail before applying for business grants.
There are several business grants available across the entire United Kingdom, and Wales is no exception. There may be some typical funding or specific groups including business grants for women.
grants usually cover a part of the total cost involved with a business project or activities. Some grants are related to specific geographic areas.
Grants are linked to business activity, a particular industry sector, or employment creation.
Importance Of Grants In Business Growth
If you are most like another business owner, you may be looking for ways to improve your bottom line. One of the various advantageous ways is getting the grants.
Grant is the money offered by the govt or non-governmental organizations to help your business grow and succeed.
There are different types of grants available for performing specific purposes.
Suppose, there are grants for small businesses looking to expand their business, and there are grants for developing new products and hiring employees.
no matter, what your business needs are, there are a range of grants that will align with that need. Business grants help struggling businesses in every way.
These may include reducing the amount of debt, providing access to capital that may not be possible otherwise, etc.
By obtaining grants, small businesses can free up funds, so you can invest that funds in growth and development opportunities.
Grants also provide a level of financial stability, so you can focus on long-term goals instead of making short-term decisions.
Also, business grants offer small businesses validation and recognition, which can be a significant boost to their reputation.
The recognition helps the businesses to attract new customers, and investors, partners, suppliers.
Overall, business grants are a powerful tool for small businesses not only to survive but also help them to remain competitive in the market.
The Types of Business Grants Available In Wales
There are mainly two types of small business grants in Wales available, including govt grants and non-govt grants.
I am providing the details of a few of the grants, hope this information will help you all the way around.
1. Government Grants
Apprenticeship Recruitment Support
This program is aimed to support the small businesses in Wales to encourage hiring apprentices. Businesses in Wales can claim up to 4,000 Pounds for each new apprentice they hire under the age of 25. Payments are generally available to a maximum of 10 employees under a single employer.
Caerphilly Enterprise Fund
This is a small business grant, which is administered by Caerphilly County Borough Council. This business grant aims to provide business support so that businesses can achieve their goals and succeed.
The grant can provide a maximum of 2,000 Pounds at an intervention rate of 45%. you can also get external/internal work for business premises, the maximum grant is 10,000 Pounds at an intervention rate of 50%.
Arts Council Of Wales-Create
Arts Council Wales has grants available;e to support small businesses in the development and creation of high-quality art experiences.
You can apply for business grants valued between 500-50,000 Pounds. All the business grants cover up to 90% of total project costs.
To apply for this business grant, businesses need to identify 90% cost of the total cost of the business from another source.
Access To Work
Financial help will be available to small businesses with any extra employment costs. If the employment results from a person with a disability.
The amount of funding may differ from business to business. The funding will depend upon the individual’s circumstances and will be reviewed once a year.
The funding will be provided for disability awareness training program, special equipment or software, or a support service for any person who has mental health issues.
2. Non-government Grants
Wales tourism investment fund
This grant focuses on boosting the capital investment in the Welsh tourism industry. This grant aims to create a positive impact on the tourism sector and boost the regional economy.
This small business grant in Wales is a mix of a grant and a loan, so you need to pay back a portion of the money you received. The amount of the grant is much higher, you can expect from 100,000 to 5,000,000 Pounds.
ReAct+
ReAct+ provides small and medium business grants to streamline their workforce. They aim to provide business grants to businesses that are facing redundancy.
ReAct+ offers funding to individuals who are affected by redundancy to gain skills. This business grant encourages the employer to recruit a redundant employee. ReAct+ provides up to 3,000 Pounds in quarterly instalments.
Bridgend Special Regeneration Fund
This business grant is developed to help the small business in Wales grow and develop. This grant may fund various business activities such as capital equipment purchases, premises improvement, website development, and more.
This funding offers 1,000 to 5,000 Pounds to fund the businesses, up to 40% of total costs.
Rhondda Cynon Taf Business Growth Grant Scheme
Eligible SMEs in the Rhondda Cynon Taf region can apply for a grant. This grant helps you all the way to assist with capital expenditure, international renovation works, buying equipment, website development, and more.
This grant can fund up to 75% of the total costs of up to 2,000 Pounds for residential premises, and up to 15,000 Pounds for commercial premises.
Eligibility Criteria for Getting a Grant In Wales
To get a grant, you must be:
- a citizen of Wales
- must be 16 or more
- Have no other money such as savings, or anything else
- are in a crisis, need an instant financial support
- Be in extreme financial hardship
FAQ
Who is eligible for Welsh government grants?
Ans: You can apply for Welsh government grants, if:
- You are a UK national
- Irish citizen, or have settled status
- You are in instant need of finance
How Do I apply for a small business grant in Wales?
Ans: Here, I will provide a few tips that you can consider, including:
- You can talk to the grant body
- Read the grant objectives
- Focus on the usage of the received grant
- Check your funding
- Start applying as soon as possible
How do small business grants work?
Ans: Grants are designed to perform a specific purpose. There are mainly three phases of the grant’s lifecycle.
- Pre-award phase: In this phase, the grant body decides what it wants to fund. The body announces grants and accepts and reviews applications.
- Award phase: The granting body informs the applicants whether they have been selected or not. The body works with the grantee and works with the legal framework to provide the funding.
- Post-award phase: During this phase, a grant management officer is assigned to oversee grant compliance during the grant life cycle.
Conclusion
There are plenty of grants available for SMEs in Wales. These grants can reduce your startup costs, save money, and help to grow your small business. Here, in this article, I have covered every aspect of small business grants in Wales, you can go through my article.
Here, I have enlisted a few of govt as well as non-govt grants that support small businesses. You can choose one type of grant from my listing that perfectly aligns with your business needs and circumstances.
