Applications are open to businesses for grants of up to £10,000 from the Welsh government's Future Proofing Fund. The fund will provide eligible micro, small and medium-sized businesses in the retail, hospitality and leisure sectors with a discretionary grant to be invested in measures to future-proof the business.
The Future Proofing Fund is a £20 million initiative by the Welsh Government to help up to 2,500 businesses invest in Renewable energy technology, improvements to their premises and upgrades to Plant, systems or machinery to reduce energy consumption.
Match-funded grants for capital funding of between £5,000 and £10,000 are available to businesses located in Wales which:
- Employ between one and 249 people.
- Have been trading since before 5 April 2023.
- Operate from a property with a rateable value of between £6,001 and £51,000.
- Either own or lease the business premises on a minimum three-year lease that extends beyond 4 April 2026.
The total project costs can be any amount, but the Future Proofing grant element cannot exceed 75% of the eligible capital project costs or £10,000, whichever is the lesser amount. The business will contribute the remaining match amount from other sources but there can be no duplication of public sector funding.
Applications to the fund are open until 11:59 pm on Thursday 6 June 2024 or until the total value of submitted applications exceeds the budget allocation. It is anticipated that all successful applications will be notified by 31 August 2024.
Useful guides on this topic
What expenditure qualifies for plant & machinery allowances?
What is plant and machinery? What expenditure qualifies as plant and machinery? What is treated as part of a building?
Welsh Income Tax (subscriber guide)
Since 6 April 2019, Wales has been able to set its own Welsh Rate of Income Tax.
Draft Welsh Budget 2024-25
The Draft Budget signals the Welsh Government’s intentions for the three devolved Welsh taxes: Welsh Rates of Income Tax (WRIT), Land Transaction Tax and Landfill Disposals Tax.
External links
Welsh Government guidance: Future proofing fund confirmation
