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Financial support for businesses

Access to finance can be an important aspect to starting and growing your business. We work closely alongside a range of partners to provide access to financial support.

The availability of funding can change on a regular basis so continue to monitor this page for regular updates.

 

Grants and loans from Swansea Council

Start up grant

A grant scheme offering up to £1,000 for individuals either entering self-employment or starting a new business. The fund is for new businesses; either just starting or businesses that have started within less than two years of application date. Businesses must be based within the Swansea Council area. 

Grant funding covers items such as equipment, qualifications, accountancy, software, web development, training and tools.

This fund will be prioritised to individuals on Universal Credit / Income Support.

The funding pot is limited and will be allocated on a first come, first served basis. For further details, please contact startupgrant@swansea.gov.uk.

UK steel grant

A grant scheme in partnership with UK Steel Enterprise Ltd offering up to £1,000 for new start-ups or businesses which are under 2 years old in the Swansea Council area. However, the grant will only cover 50% of the eligible project costs and the minimum grant payable is £250. 

Grant funding covers items such as equipment, qualifications, accountancy, software, web development and tools.

The funding pot is limited and will be allocated on a first come, first served basis. For further details, please contact startupgrant@swansea.gov.uk.

Digital Development Grant

This is a grant delivered by Swansea Council with the objective of improving the digital visibility and online presence of established businesses.  

What is eligible?  

  • Revenue costs associated with digital business growth
  • Development of a business website for the first time 
  • Improving an existing website to implement and/or improve the quality of  
    • Website functionality 
    • eCommerce
    • Cyber Security
    • Search engine optimisation
    • Online marketing, design and branding   
  • Training courses to improve online digital skills (where these cannot be delivered by local training providers at no or subsidised cost) 
  • Purchase of hardware and/or software which will directly improve digital online visibility  

How much financial assistance is available? 

  • Grant awards will range between £500 - £1500 
  • All funding must be match funded at 50% by the applicant business. These is no limit to total project costs but funding will be capped at £1500. 
  • If the business is VAT registered, VAT will be an ineligible cost. VAT will be an eligible cost in non-VAT registered companies 

The funding pot is limited and will be allocated on a first come, first served basis. For further details, please contact growthgrant@swansea.gov.uk.

Green Innovation Grant

This is a grant delivered by Swansea Council with the objective of enabling businesses to work towards net carbon zero.  

What is eligible?  

  • Installation of systems which will reduce carbon footprint and improve business energy efficiency. Please note that capital expenditure is not eligible under this grant scheme
  • Changes in the manufacturing process which will directly deliver a reduction in the business carbon footprint (e.g. converting to renewable packaging)
  • First-time accreditation to schemes which recognise business environmental standards including but not limited to Green Dragon and Green Tourism Business Scheme

How much financial assistance is available? 

  • Grant awards will range between £500 - £1500 
  • All funding must be match funded at 50% by the applicant business. These is no limit to total project costs but funding will be capped at £1500. 
  • If the business is VAT registered, VAT will be an ineligible cost. VAT will be an eligible cost in non-VAT registered companies 

The funding pot is limited and will be allocated on a first come, first served basis. For further details, please contact growthgrant@swansea.gov.uk.

Property enhancement development grant (PEDG)

This is a grant scheme that has been established to target derelict or vacant properties to bring them back into beneficial use and to insure good quality building and shop front enhancements.

The amount of any financial support offered via the PEDG grants to applicants is a maximum of 40% and will be assessed on an individual case by case basis, taking account of the economic and environmental benefits that the project provides. To qualify for the grant the completed scheme must accommodate new jobs.

Financial support through the PEDG grants will normally be the minimum contribution required to bring the project forward. Items that are eligible for a grant include building facades, roofs, shop fronts, floors, ceilings, staircases, re-wiring, signage together with associated professional fees. Ineligible items include fixtures and fittings, areas not visible to the public, major structural repairs and normal maintenance. Residential schemes cannot be considered for a PEDG grant.

For further information email business@swansea.gov.uk.

Sustainable living grant (SLG)

SLG grants are available within the city centre to convert empty floorspace on upper floors of commercial units into new residential accommodation.

Projects can have a SLG grant of up to 40% of the eligible cost of the work and professional fees, but this will be assessed on an individual case by case basis.

Items eligible for a grant include all works necessary to create new residential accommodation excluding fixtures and fittings.

The award and level of grant offered is at the discretion of us. Please note that an application would be ineligible if the proposed works have commenced or have been announced before a grant has been awarded.

For further information email business@swansea.gov.uk.

Town centre loan fund

We have a loan fund of £2,000,000 from the Welsh Government as part of the Town Centre Loan scheme. 

The areas covered by the scheme include Swansea city centre and Morriston town centre.

Find out more about the Town Centre Loan scheme and how to apply Town centre loan fund

 

Regional and local financial support schemes

Development Bank of Wales

The Development Bank of Wales was established by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. Funding available ranges from £1,000 to £5m and is available to businesses from start-up upwards. Interest rates will vary between 4-12% but are fixed for the term of your arrangement.

Prince's Trust

The Prince's Trust entrepreneur programme is eligible to new young entrepreneurs aged 18-30 years old. The programme provides access to interactive workshop, business mentoring and the opportunity to apply for a £750 start-up grant and direct access to a start-up loan of £500 - £5000.

Young Dragons - Seed Pod

The Seed Pod is an initiative to support early stage start-up businesses. A start up bursary is available up to £500 and applicants must be 16-25 years old.

Social Business Growth Fund

The Social Business Growth Fund is a blend of grant and repayable assistance, support of £20,000 is available per job created and sustained. Up to £150,000 is available typically with 40% as a traditional grant and 60% as repayable assistance. However, the proportion of grant may be increased for over performance in jobs. Repayments interest free over up to 5 years.

Welsh Tourism Investment Fund

Funding is available for tourism projects in Wales to help finance capital investment in tourism projects which have the opportunity to create positive impact on growing the sector and the Welsh economy. Eligible costs may include conversion or upgrade of buildings into high quality hotels, bed and breakfasts, tourist attractions or leisure facilities. Cultural/heritage project may be eligible. Funding of between £100K and £5 million finance available for qualifying projects typically with a 20% grant to 80% loan split.

 

National support programmes

New Enterprise Allowance

The New Enterprise Allowance is a government scheme designed to support individuals in receipt of certain benefits into self-employment. In addition to receiving an allowance for up to your first six months, you will have access to a business mentor who can provide advice on accessing further finance.

To access this service speak to your local Job Centre Plus Work Coach.

 British Business Bank

The British Business Bank offers loans of up to £25,000 for start-up of business growth projects. Loans are fixed at 6% interest per annum with repayment periods of between 1-5 years. This scheme is backed by UK Government and includes 12 months of free mentoring.

UK Innovation Competitions

Finance available for SMEs undertaking R+D projects. Innovate UK have a range of Innovation competitions available to appropriate projects.

UK Innovation - search for a competition

UK Steel (UKSE)

UKSE are able to invest in projects that are valued at £25k+ with unsecured lending or equity funding for projects £100k+ particularly those aimed at energy and manufacturing. 

UnLtd

UnLtd finds, funds and supports social entrepreneurs - enterprising people with solutions that change society for the better. New ventures may be eligible for awards of between £500 and £5000, social ventures looking to grow may be able to apply for up to £15,000.

Town centre loan fund

We have a loan fund of £2,000,000 from the Welsh Government as part of the Town Centre Loan scheme.