Posts Tagged ‘grants and funding’

Wales Economic Growth Fund announced

Posted on: February 13th, 2013 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

We welcome the Welsh Government’s announcement today of a further round of the Wales Economic Growth Fund (WEGF) with an additional investment of £30 million, to open to applications next month (closing date of 5 April).

The WEGF provided discretionary non repayable grant support across all sectors to support projects in Wales that involved capital investment, job creation and safeguarding.

In the previous round of WEGF, the Welsh Government received over 500 applications for in excess of £100 million of funding. Grant offers of approximately £32 million were made to 118 projects creating and safeguarding approximately 3,500 jobs.

Our specialist grants team at MHA Broomfield Alexander advised on 7 successful applications to the WEGF in this first round of funding, raising in excess of £1.5 million in grant funding which enabled clients across a broad range of sectors to invest in the capital equipment and the additional staff required to support their growth plans.

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Welsh Government funding support for businesses in Wales

Posted on: August 1st, 2012 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

In the current economic climate raising finance in particular for SME’s and early stage businesses, continues to be challenging.

In recognition of this the Welsh Government has recently announced the establishment of 3 new funds aimed at supporting SME’s, micro businesses and businesses operating in the Life Sciences sector.

Wales SME Investment Fund

The new £40 million Wales SME Investment Fund is a 4 year fund managed by Finance Wales that provides debt, mezzanine and equity finance to SME’s throughout Wales.

The fund consists of £20m from the Welsh Government and a further £20 million from the private sector. The new fund is able to provide support to a wider range of SME’s than were previously eligible for support under the £150 million Finance Wales JEREMIE fund.

The fund is currently open for applications.

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Grant Support for Research and Development in Wales

Posted on: July 31st, 2012 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

Grant support is available from the Welsh Government in order to encourage companies to undertake Research and Development activities in Wales.

The funding is aimed at supporting SME’s although non SME’s can potentially access support on an exceptional basis.

The funding is available throughout Wales and is not restricted to Grant Assisted Areas.

Grant support can be provided through the following schemes:

1. Innovation Vouchers – Innovation vouchers are available to support R&D activities undertaken up to a maximum of £10,000 and 50% of eligible project costs per innovation voucher. An applicant company can apply for 2 innovation vouchers in any 12 month period. Eligible costs are limited to the costs of using external suppliers to undertake the work.

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Third sector income: a changing picture

Posted on: May 18th, 2012 by Liz Mounfield No Comments

The total income of the third sector in Wales is estimated at around £1.5billion, and organisations receive funding from a wide range of sources, including public giving, grant-making trusts, trading, and a large proportion – around 45% of total income – from public bodies.

In recent years, there has been a significant shift in how third sector organisations are funded by the public sector. Where organisations may previously have received grants from local and national government or health bodies, more and more public bodies are using procurement to establish contracts with organisations.

Between 2006 and 2009, WCVA third sector funding surveys showed a sharp decrease in grant income and a corresponding increase in income from contracts. In the financial year 2009-10, over three quarters (77%) of third sector funding from Local Authorities was in the form of payments for specific services, with only 23% given in grant funding.

But grant funding and concluding contracts through procurement are very different processes, with profound implications for both the funder and the recipient.

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Digital Development Fund – supporting the creative sector

Posted on: January 11th, 2012 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

The Welsh Government has recently introduced a Digital Development Fund aimed at supporting the Creative Sector in Wales to develop new products and services to exploit across multiple digital platforms and international markets

The Fund will provide non repayable grants of between £5,000 and £50,000 up to a maximum of 50% of eligible project costs.

Applicants must be registered as businesses or have a substantial business base in Wales and be able to demonstrate how their product or service will be exploited commercially.

Eligible activities 

Projects will involve the development or exploitation of a creative product or service in digital format(s). A creative product or service is defined, for the purposes of the fund, as any commercial product or service with an artistic or creative content.  The project may last for a maximum of 12 months.

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Charities – creating a sustainable future

Posted on: January 10th, 2012 by Sarah Case No Comments
Sarah Case, Director, MHA Broomfield Alexander

Sarah Case, Director, MHA Broomfield Alexander

Recently there have been unprecedented stresses placed on the charity sector and some organisations are facing a substantial reduction in services or even closure. However, these outcomes are far from inevitable.

Charities that have built and are building strong predictable income streams and have robust financial planning mechanisms in place, running their services in a financially sustainable manner will allow valuable services to be maintained.

Many of the steps that charities are taking – changing their operations on cost grounds and reviewing or delaying activities – will see them endure for longer as these strategies make the most of available resources.

Many find that by taking steps to ensure that they stick more closely to their core mission and adapting to a more austere funding environment that they can define more tightly the services that they deliver or are targeting their beneficiaries more precisely.

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Wales Economic Growth Fund

Posted on: December 8th, 2011 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

The Wales Economic Growth Fund is a new £15 million short-term, fast-track fund for businesses, providing immediate access to non-repayable grant funding for capital investment that will create and retain jobs.

The minimum level of funding is £100,000 and applications are open from 12 December 2011 with a closing date of 31 January 2012. The funding will need to be spent by the 31 December 2012.

The fund is open to applications from businesses from all sectors throughout Wales, however funding is discretionary and is subject to state aid rules and limits and the onus is on the applicant company to prove need. Retail businesses and businesses which provide services to the local market will not be eligible for support.

Applicant businesses will need to submit a business plan and detailed financial forecasts in support of their application. The business plan will need to demonstrate why grant is required and at what level, and the anticipated contribution the project will make to the wider economy.

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Accessing finance in Wales

Posted on: November 29th, 2011 by SeamusGates No Comments
Seamus Gates, Director, MHA Broomfield Alexander

Seamus Gates, Director, MHA Broomfield Alexander

The climate for accessing finance in Wales continues to be difficult not helped by the latest concerns over global banking and financial markets.

Nonetheless there continues to be opportunities for businesses to consolidate or grow and develop.  In order to do this funding is required; set out below are some sources of funding that should be considered.

Bank funding is still the main source of finance for businesses.  Despite the difficulties, good projects can still obtain support albeit the process may be more protracted than before.   The key is to provide the bank with a clear and concise business plan, up to date accounts, robust financial projections, and a clear business case.

Bank overdrafts or structured loans require adequate security and the cost of borrowing is likely to be at least 2.5% over current base rates.

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Grant Support from WRAP Cymru

Posted on: October 25th, 2011 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

I recently attended a presentation by the Waste and Resources Action Programme Wales (WRAP Cymru).

WRAP Cymru is responsible for helping businesses and individuals reap the benefits of reducing waste, developing sustainable products and using resources in an efficient way by encouraging investment in

  • Collections systems and infrastructure
  • Reprocessing infrastructure
  • Quality recyclates
  • Creating demand for quality recyclates in manufacturing

WRAP is able to provide 100% funding for the following consultancy support to businesses in the recycling and reprocessing sector:

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Recent Changes to Grant Support in Wales

Posted on: October 11th, 2011 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

Following the introduction of the Economic Renewal Programme (ERP) in 2010 there have been a number of significant changes to how grant support is delivered to businesses in Wales.

The principal changes introduced by ERP were as follows

  • Targeting support by focussing on a number of key priority sectors
  • Moving to a model of mainly repayable business finance
  • Reallocating a significant proportion of the grant budget to investment in infrastructure and high speed broadband

The initial proposal contained in the ERP was to limit support to the following key 6 sectors

  • Creative industries
  • Information, Communication and Technology (ICT)
  • Energy and Environment
  • Advanced materials and manufacturing
  • Life Sciences
  • Financial and Professional services

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