Europe, UK (Commonwealth Union) – Eligible businesses within the retail, hospitality, and leisure sectors can access grants ranging from £5,000 to £10,000. The Future Proofing Fund, totaling £20 million, aims to bolster businesses’ future trading prospects by enhancing profitability. This will be achieved through investments in renewable energy technology, enhancements to infrastructure, and the implementation of energy-efficient systems or machinery upgrades.
Economy Minister Vaughan Gething says “The ongoing cost-of-living and cost-of-doing-business crises continues to present difficulties to businesses across Wales.”
He further mentioned that these grants aim to assist micro, small, and medium-sized enterprises in the retail, hospitality, and leisure sectors to implement substantial operational changes, enabling them to adapt effectively for the future.
Small businesses are the backbone of economies worldwide, driving innovation, job creation, and economic growth. However, despite their importance, they face a myriad of vulnerabilities that can threaten their very existence. The recent pandemic that led to lockdowns hit small business extremely hard, resulting in many of them being forced to shutdown.
Finance Minister Rebecca Evans pointed out that during challenging times, their aim is to assist businesses in permanently lowering their expenses. This new fund is designed to alleviate running costs through practical support, facilitating long-term business planning.
“We are also providing a fifth successive year of support for retail, leisure and hospitality businesses with their rates bills, at a cost of £78 million. This builds on the almost £1 billion of support provided in rates relief schemes to these sectors since 2020-21.”
The grants will cover up to 75 percent of project costs or £10,000, whichever is lower. Businesses are anticipated to provide the remaining 25 percent from alternate funding sources.
This fund is accessible to businesses situated in Wales (either with headquarters or operating addresses in Wales) that employ individuals in the region.
An eligibility checker will become available in mid-April 2024, with applications commencing in May this year.
