BRIDGEND MP Jamie Wallis has welcomed a new UK Government fund to help businesses get through the Coronavirus pandemic.
Companies can apply for loans of between £125K and £5 million to support growth and innovation in sectors that include technology, life sciences and the creative industries. The Future Fund scheme has initial funding of £250 million at its disposal.
Welsh Conservative Dr Wallis said: “The Future Fund is great news for the high growth and innovative businesses here in Bridgend and Porthcawl helping them to build a bridge from today’s severe challenges into a period of recovery, helping them to survive and then thrive.”
Chancellor Rishi Sunak said that innovative companies and start-ups were a great economic strength and will help spur our recovery from the pandemic.
The scheme depends on match-funding being provided to these companies from a variety of sources including private investors and others backed by regional funds.
The Fund will be open until September and will be delivered in partnership with the British Business Bank.
Dr Wallis added: “A further £40m is being allocated through the Fast Start Competition to drive forward new technological advances and innovative start-ups. Many of these innovations have been born out of the Coronavirus crisis including an on-line farmers’ market platform.
“We need to give our innovators and inventors all the support we can because it is through them and other cutting-edge companies that we will get the UK Economy up and running after this crisis.”