Written question WQ96993
- Asked by
- Russell GeorgeIndependent
- To be answered by
- Cabinet Secretary for Economy, Energy and Planning
- Tabled
- Due
- Answered
- Time to answer
- 7 days
Question
How much direct funding did the Welsh Government provide to businesses in 2024 which was contingent on those businesses participating in the Welsh Government’s economic contract?
Answer
Answered by Cabinet Secretary for Economy, Energy and Planning
Not all recipients of an Economic Contract receive direct grant support; the principles of the Economic Contract have also been applied to our suite of non-financial Business Wales support programmes, with many businesses citing the interaction and expert knowledge the advisory service provides as a key benefit.
The Economic Contract has been embedded into several Welsh Government business support programmes. Foremost has been the Economic Futures Fund (EFF), a consolidated fund of grants that includes, among others, support for creative production funding, tourism, and core support for SMEs. In the last financial year over £28 million was awarded under the EFF.
It is also utilised in the Overseas Business Development Visit programme, which in the last financial year awarded over £611,000 in support, and the Wales Tourism Investment Fund, which in the last financial year awarded £87,000 in grant support.
In early 2022, we refreshed the Economic Contract which has enabled the contract to reach new areas of business, such as the £43 million Food Business Accelerator Scheme (FBAS), which runs until March 2027. In the last financial year, over £3.1 million has been awarded under the FBAS, with the Contract being a requirement.