- Posted by: Joyce Watson MS
- Category: Feature
The Welsh Government will consider further funding for the Wales Economic Growth Fund, business minister Edwina Hart has announced.
The non-repayable grant, which first opened in 2012 to support the creation of jobs and growth, ends next month. Welsh businesses and social enterprises have shared £30m in the latest funding round.
At Assembly question time on Wednesday (21 May), Joyce Watson AM asked the minister about plans to reopen the scheme.
Mrs Watson, who is a member of the enterprise and business committee, also welcomed funding for Welshpool-based geological mapping company Chemostrat. She said:
“Chemostrat Ltd is just one Montgomeryshire-based business that the Government has supported. Thanks to the £100,000 funding from the Wales economic growth fund, the geological mapping company has expanded to new premises at Buttington Cross Enterprise Park in Welshpool and has taken on new staff.”
The Mid and West Wales AM asked:
“Now that the second phase of the fund has come to an end, will there be an evaluation of its success, and are there any plans to extend the fund to a third phase?”
Chemostrat provides geological services to the oil and gas sector. It used the six-figure government investment to expand its laboratory and office space, buy new equipment and create 10 jobs.
Mrs Hart said the Wales Economic Growth Fund has proven to be “very popular and very successful”:
“We will look at what the fund did and consider what good it did, and we will do the appropriate evaluation. We will be looking to see what we can do in terms of further funding, because it has proven to be very popular and very successful.”