Torfaen Constituency Labour Party

Welcome to the official website of the Torfaen Constituency Labour Party. Please feel free to contact us if you have any queries or require further information. Promoted by David Daniels on behalf of the Torfaen Labour Candidates at 50 Blaen Bran Close, Pontnewydd, Cwmbran, Torfaen NP44 1UU

LYNNE NEAGLE AM WELCOMES WELSH GOVERNMENT’S NEW GROWTH & PROSPERITY FUND

lynne_neagleTorfaen’s Assembly Member Lynne Neagle has welcomed a new £5m fund launched by the Welsh Government this week which will provide a business boost to support jobs and growth for companies in Torfaen and across Wales.

The Fund, part of a 10 point Business Confidence Plan announced by First Minister, Carwyn Jones, is split into two tranches with £2m allocated for smaller projects with grants ranging from £5,000 to £25,000 and £3m allocated for larger capital investment projects with grants ranging from £50,000 up to £500,000.

Both funds were formally launched this week [Monday 19 September] with applications for the small fund open until January 2017 while expressions of interest for the larger fund will be accepted up to 17 October 2016 when projects representing the best value for money will be invited to apply for funding.

The Fund is one of a number of proactive confidence building measures the Welsh Government have launched following the EU referendum to help businesses across Wales invest in projects that will create and safeguard jobs and support the growth of the economy.

Ms Neagle, who has raised concerns about the impact Brexit will have to businesses in Torfaen, is delighted with the Welsh Labour Government’s commitment to create and protect business growth in Torfaen.

Welcoming the announcement, Ms Neagle said:

“I speak with businesses across Torfaen regularly and I know that many of them are concerned about the impact of the EU referendum result so I am pleased the Welsh Labour Government are taking positive action to address this.” 

“This announcement shows that Wales is, and will remain, open for business and I would encourage all eligible businesses in Torfaen to apply for this funding.”

“If there any businesses in my constituency that would like to meet with me or would like further information about the fund and what it means, please contact me and I will be more than happy to help.”

Cabinet Secretary, Ken Skates AM said:

“Our priority is creating and protecting jobs and supporting business growth and we are doing everything in our power to maintain economic confidence – this means building a strong and competitive business environment in Wales that can support future growth.”

“The Fund is open to all SME businesses in Wales and the main aim is to create and safeguard jobs. Priority will be given to businesses looking to export and to companies creating high value jobs paying above the Welsh national average wage.”

The small fund is currently accepting applications and is anticipated to support around 200 businesses with the potential to create and safeguard between 800- 1200 jobs within the 2016-17 financial year.

Businesses applying for the larger discretionary fund will need to show they will be able to raise the majority of funding from the private sector and projects will need to be completed by March 2018.

More information can be accessed via the Business Wales Helpline team on 03000 6 03000 or via www.businesswales.gov.wales

Businesses in Torfaen can contact Ms Neagle direct at lynne.neagle@assembly.wales or 01495 740022.

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This entry was posted on September 23, 2016 by in Lynne Neagle AM, News and tagged .

Twitter: @Torfaen_Labour

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