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Written Statement - Wales Economic Growth Fund

Edwina Hart, Minister for Economy, Science and Transport

This statement provides an update on the Wales Economic Growth Fund 2013/14 campaign and the final outputs for the Wales Economic Growth Fund 2012.

All projects have now been finalised under the 2012 Fund (WEGF 1), with a total of £21.2 million having been paid between 109 businesses, with the creation of 993 and safeguarding of 1,273 jobs.

A number of the projects for the 2013/14 (WEGF 2)  are still in delivery.  To date, 174 projects have been paid worth almost £19 million.  These projects have directly created 1,487 and safeguarded 1,963 jobs.

In addition, a further Economic Growth Fund round was delivered in the Pembrokeshire area following the announcement of the Murco closure at the end of last year.  19 offers of support were accepted by businesses in the area.  These projects are expected to deliver at the end of the current financial year.

As we await the financial settlements under the Comprehensive Spending Review, it is too soon to advise whether there will be any further rounds of the Wales Economic Growth Fund.  Our Repayable Business Finance Scheme  will continue to be a source of finance for businesses with job creation projects.

In addition , through Finance Wales, Welsh Government makes funding available for job creation projects through specific funds including the Wales SME Investment Fund, the Microbusiness Loan Fund and the SME Capital Investment Fund.