People starting a business in Swansea and established firms looking to grow can apply for funding through Swansea Council’s Local Growth Fund, with grants of up to £25,000 for new businesses and up to £50,000 for growing firms.
The programme, funded by the UK and Welsh governments, offers four types of grant to help people start a business, help existing firms grow, cut energy costs and carbon emissions, and develop new ideas.
People who have not yet registered or started trading can apply for a Pre-start Grant of up to £25,000. The first £2,000 of eligible costs can be fully funded, and above that the grant can cover up to half of eligible costs. The money can go towards equipment, training and qualifications, initial stock and marketing. Applicants will need to provide a business plan and a 12-month financial forecast.
Established businesses planning to introduce a new product or service and create new jobs can apply for a growth grant of up to £50,000. The amount will depend on the number of jobs being created and the details of the project, and grants will cover up to 50% of eligible costs.
A carbon reduction grant is available for businesses investing in measures to reduce their carbon emissions and energy costs, such as low-carbon energy generation and energy efficiency improvements. Up to £10,000 is normally available, with grants of up to £30,000 possible for projects that can demonstrate particularly good value for money. It can cover up to 50% of eligible costs.
An innovation grant of up to £10,000 is available to businesses developing new or improved products, services or ways of working, covering costs such as prototypes, product testing, patents and protecting intellectual property. It can also cover up to 50% of eligible costs.
Council Leader Rob Stewart said: “Swansea has a fantastic mix of established businesses and people with great ideas who are ready to take the first step towards starting their own business.
“We want to give them the support they need to succeed. Whether that means buying equipment to get a new business off the ground, creating jobs, developing a new product or cutting energy costs, this funding can make a real difference.”
Cllr Stewart added: “I’d encourage anyone with a business idea, or an existing business with plans to grow and invest, to get in touch with our team and find out what support could be available.”
Businesses and aspiring entrepreneurs can find out more by emailing [email protected]
