Latest news: Help for SMEs in Wales

Two new government funds have been set up to create 5,000 jobs. 18/11/2011

A £40million fund will be available for small and medium-sized businesses (SMEs) designed to increase the number of companies eligible for support.

In Wales the overall numbers out of work reached 131,000 last month, which was up 16,000 on the quarter. The unemployment rate is now 9% higher than the UK average.

The new funding includes £20million of private investment from financial institutions. The Welsh government would not disclose the source of the money, citing commercial confidentiality.

The second fund - a £15million short-term fund - will offer grants to businesses trying to create and retain jobs. Businesses can apply from 12 December.

Enterprise Minister Edwina Hart said, ‘I believe this dual package of support will provide the catalyst for growth, enabling businesses to invest in capital projects that will result in the creation of up to 5,000 new jobs and the safeguarding of many hundreds more across Wales.’

Ministers of the Welsh government announced plans to help Welsh businesses in the hope that the jobs will stimulate the economy.

Mrs Hart added that the support will significantly expand the existing range of commercial funding available and is a fast-track approach to get maximum benefits to the Welsh economy in 2012.

Unlike the existing £150million Jeremie Fund by Finance Wales , these new funds will be able to invest in any business based in Wales and not limited to those in convergence fund areas.

To find out which other companies are recruiting search graduate jobs.