BUSINESSES IN DEESIDE ENTERPRISE ZONE INVITED TO BID FOR A SHARE IN £3M
Businesses in the six Welsh Enterprise Zones are being invited to bid for more than £3 million in the latest round of a Welsh Government Business Rate scheme.
The Enterprise Zone Business Rates Scheme is a discretionary grant scheme for small to medium sized enterprises to lower their operating costs by providing a grant to offset their Business Rates for up to two years.
Minister for Economy, Edwina Hart is calling on all eligible businesses in the Enterprise Zone to bid for a share when the scheme opens for applications on 20 March.
“I’d encourage all small to medium sized businesses that are either located in an Enterprise Zone or looking to start a business in an Enterprise Zone to apply. This scheme is another Welsh Government policy to support businesses and promote economic growth and job creation in Wales,” she said.
“I established the scheme following the Business Rates Review that examined how we could use the business rates regime to encourage economic growth in Wales. It is another way that we are helping small businesses to expand.”
Since the scheme was launched 66 businesses have been approved for support totalling nearly £4.5m.
Applications for the current financial year can be made from 20 March until 3 June, with the maximum grant available to each successful applicant being £55,000 per annum or the business rates paid (whichever is the lowest).
The Enterprise Zone Business Rates Scheme which was launched in 2012 and will run until March 2016 for companies based in the Enterprise Zones. Priority will be given to new start ups and businesses increasing their workforce.
Businesses may qualify for up to 100% funding of business rates if they are:
- based in a Welsh Enterprise Zone
- looking to start up a small or medium sized enterprise (SME) within the zones
- an SME already located within the zones, that is expanding and increasing the size of your permanent workforce
- contributing to the overall objectives of the Enterprise Zone and the Welsh Government’s jobs and growth agenda.
Deeside Enterprise Zone data map: