13th January 2014
New government fund set to help Welsh construction SMEs
If you’re a small or medium business in the construction sector in Wales, you might be able to benefit from a new support fund set up to help the industry continue to grow.
The Welsh Government recently launched the Construction Sector Development Fund. The £250,000 fund will support Welsh construction SMEs who are looking to expand. Up to £50,000 per project will be paid out to SMEs for help with the cost of purchasing machinery and equipment, amongst other things. The minimum grant level companies can apply for is £5,000, and none of the grants have to be repaid.
Upon announcing the fund, Economy Minister Edwina Hart spoke about the importance of the Welsh construction industry: ‘we have a large number of SMEs working in the construction sector that make a significant contribution to the Welsh economy. The Fund is designed to help these enterprises increase their competitiveness, win new business and help grow the sector.’
In particular, the project aims to give Welsh construction SMEs the chance to contribute to upcoming energy and rail projects. Hart continued: ‘we want SMEs in Wales to be in a position to access opportunities, and the Fund can assist them improve their capacity and capability, help them gain specialist accreditation or buy equipment.’
To apply for the fund, companies first need to fill out an Expression of Interest form. This will help the government to determine eligibility and the companies that may complete an application for funds.
If you aren’t based in Wales, you’ll have to pursue other means to gain capital and save money. Our construction accounting software can help you keep track of all your income and expenses with specialised modules for the construction industry.
Late payments have long been endemic in the construction industry, with Labour MP Debbie Abrahams claiming that a ‘culture of late payments’ is acting as an obstacle for small businesses and construction firms seeking expansion.
The construction industry’s recovery continues apace, a recent survey has found. The survey is the latest in a string of positive news for the sector, which was one of the greatest victims of the recession.