The Economic Contract
Under the new EAP guidelines where a business is seeking direct financial support, it needs to make a commitment to an Economic Contract. The Economic Contract is the framework for the WG relationship with businesses, requiring businesses to demonstrate a commitment to
- Fair Work
- Employee Health and Skills and
- Reducing Carbon Footprint
The Economic Contract will act as a gateway or pre-qualification stage (although satisfying its requirements will not automatically lead to a business accessing finance).
Following on from this, businesses seeking direct financial support will be required to develop proposals that align to at least one of the Calls to Action which are:
- Innovation, Entrepreneurship and Headquarters
- Exports and Trade
- High Quality Employment, Skills Development and Fair Work
- R&D, Automation and Digitalisation
Economic Futures Fund
A new grant scheme the Economic Futures Fund has been launched which streamlines and simplifies six Economy, Transport and Tourism funds, with more to follow later. This new fund will provide non repayable grant funding and businesses will only be invited to apply if they make a commitment to the economic contract.
Grant support from the new scheme will however be discretionary and negotiable and applicants will need to demonstrate the minimum amount of grant necessary to enable the proposed project to proceed. Grants will also still be subject to state aid rules and Welsh Government value for money criteria. There will be a requirement therefore for a well presented and detailed application in order to meet the criteria and to maximize the chances of success.
We have a specialist team at MHA Broomfield Alexander who are highly experienced in assisting with grant applications including the process of demonstrating a commitment to the new economic contract. Please contact our Director of Grants, Mike Fenwick on 02920 549939 or email [email protected] if you wish to discuss.