£30m has been allocated to the fund with the intention of supporting Welsh businesses by creating jobs, growth and wealth. The objective of this latest funding is to protect 3000 jobs and to assist approximately 200 Welsh Businesses. Since the first phase was over-subscribed with firms applying for more than £100m – 119 businesses enjoyed £31m funding – it is almost certain this second round will please Welsh firms.
The first funding round will cater to small businesses that need between £50k and £100k, and businesses are encouraged to lodge expressions of interest between March 1 and April 5. Another round will open in the autumn of 2013 for firms that require over £100k.