Information from Business Wales regarding new funding available to businesses affected by the closure of the Murco refinery
Two grant funds worth £3.5m are being launched in Pembrokeshire following the collapse of the deal to sell the Murco Oil Refinery as follows:
1. Small Capital Investment Grant
The Pembrokeshire Small and Medium Enterprises (SME) Small Capital Investment Grant will offer grants of between £5,000 and £25,000 (or for exceptional projects up to £50,000) to a maximum of 50% of project costs. The total grant pot is £500,000.
The fund will be open to SMEs based in Pembrokeshire and support projects that achieve one or more of the following:
- create or sustain jobs
- exploit new markets to grow business
- invest in Superfast Broadband.
The scheme will be open to all existing businesses in Pembrokeshire that achieve one of the aims above and for businesses outside of Pembrokeshire who have over 20% of their income from Murco.
This fund is already open for applications and will remain open until the end of January 2015. Priority will be given to projects that are able to use the grant funding this financial year i.e. before start April 2015!!
2. The Wales Economic Growth Fund
The Wales Economic Growth Fund (WEGF) for the oil refinery supply chain in Wales will support projects from individuals and businesses that require funding of between £50,000 and £500,000. The total grant pot is £3 million.
The fund is particularly targeted at:
- suppliers to Murco based in Pembrokeshire and the surrounding area which are aiming to safeguard jobs by diversifying into new markets
- businesses affected by the announcement of the closure of Murco closure
- businesses intending moving to Pembrokeshire
This fund will aim to support circa 30 businesses and safeguard or create up to 300 jobs in the area.
This fund will be open for expressions of interest from 15th December 2014 until 19th January 2015. If invited to make a full application then the application window will be between 26th January 2015 until 23th February 2015 and the first awards are expected to be made in the next financial year (April 2015 onwards).