The non-repayable funding is designed to help create and safeguard up to 3000 jobs and assist around 200 businesses across Wales.
Launching the Fund the Minister said:
"The economy and jobs are top of the Welsh Government agenda and this latest £30m injection of finance reinforces our commitment to support business growth.
"It will act as an economic stimulus and provide the capital that businesses in Wales need to invest in new equipment, grow their companies, win new contracts and create jobs and wealth.
"The Economic Growth Fund, which first opened for business in 2012, has proved to be a highly successful intervention by the Welsh Government. It provides fast track access to finance when traditional methods of funding are no longer readily available.
"I am pleased to announce this second phase today that has the potential to help create and safeguard up to 3000 jobs across Wales."
In the first phase, more than £31million was committed to support 119 business investment projects around Wales with the potential to create some 1800 jobs and safeguard around 1,600 jobs.
The new Fund will be delivered in two tranches – the first is geared to support the needs of smaller businesses requiring funding of between £50,000 and £100,000. Expressions of interest should be lodged between March 1 and April 5, followed by detailed applications between 3rd and 31st May.
A further round will open in the autumn for businesses requiring larger investment of over £100,000 and details of this will be announced nearer the date.
For more information contact the Business Wales Helpline on 03000 6 03000 or the website.