£2.5m fund is approved to help businesses over Brexit

NEARLY £2.5m has been approved to help Welsh businesses adjust to the challenges of Brexit.

It follows the launch of the Welsh Government’s Brexit Business Resilience Programme last year.

A total of 51 eligible businesses have been approved for funding of between £10,000 and £100,000 as part of the Brexit Business Resilience Grant Fund, so they can invest in overcoming immediate challenges related to Brexit.

Among the companies to have benefited from the support is Abergavenny-based Peter Jones (ILG) – one of the world’s leading providers of carrying solutions for security and communication equipment.

After identifying potentially negative impacts on its supply chain and attractive product offering, the firm applied for a Brexit Resilience Grant totalling £49,500.

This enabled the company to invest in two plastic-injection moulding machines, allowing the business to manufacture several components in-house rather than importing them from Europe.

Peter Jones (ILG) also plans to invest additional grant money in testing equipment and fixtures for its design and production departments to ensure its products are of the highest quality should Brexit-related costs have to be passed on to customers.

Economy Minister Ken Skates said: “The threat of a no-deal Brexit continues to cause deep uncertainty in our economy, threatening jobs and people’s livelihoods.

“Many businesses have engaged with the Brexit Resilience Grant Fund we established to help future-proof our economy and work with the business sector to prepare for the challenges ahead.

“It is clear that this support is helping companies across Wales to navigate immediate Brexit burdens and uncertainties and to develop new collaborations and innovations. I would urge any Welsh company to find out how Business Wales can help them manage and prepare for the ongoing uncertainties of Brexit.”

The fund is currently fully committed, but work is under way to make more funding available.