SWANSEA: Thinking of starting a business? The council could cover your first £2,000 of costs in full

People in Swansea who want to start their own business could have their first £2,000 of start-up costs paid in full.

It’s part of a pre-start grant worth up to £25,000 from Swansea Council, one of four grants it is offering through its Local Growth Fund.

The money comes from the UK and Welsh governments. Firms already trading can apply for up to £50,000 to grow, and for smaller sums to cut their energy bills or develop new ideas.

Starting a business in Swansea: first £2,000 covered, up to £25,000 in all

The pre-start grant is for people who have not yet registered a business or started trading.

The council says the first £2,000 of eligible costs can be fully funded. Above that, the grant covers up to half of eligible costs, to a maximum of £25,000.

It can go towards equipment, training and qualifications, first stock and marketing.

Applicants need a business plan and a 12-month financial forecast to show the business can work.

Cutting your firm’s energy bills: carbon reduction grants of up to £10,000, or £30,000

Businesses spending money to cut their energy use and carbon emissions can apply for a carbon reduction grant, normally worth up to £10,000.

Projects that can show particularly good value for money can get up to £30,000.

The grant can pay for generating low-carbon energy on site, making premises more energy efficient, or changing how a business works to cut emissions. It covers up to half the eligible cost.

Bigger schemes have been paid for in other ways: Afon Engineering’s 699 solar panels in Llansamlet were mostly paid for with a £200,000 loan from the Development Bank of Wales.

Developing a new product: innovation grants of up to £10,000 for prototypes and patents

Firms working on new or better products, services or ways of working can apply for an innovation grant of up to £10,000.

It can help pay for building prototypes, testing products, and patents and other protection for intellectual property, covering up to half the eligible cost.

Growing and hiring: up to £50,000 for new products and new jobs

The biggest grant, up to £50,000, is for established businesses planning to launch a new product or service and create jobs.

The council says how much a firm gets depends on the number of jobs created and the details of the project. It covers up to half the eligible cost.

Rob Stewart urges anyone with a business idea to get in touch

Council leader Cllr Rob Stewart said Swansea had “a fantastic mix of established businesses and people with great ideas who are ready to take the first step towards starting their own business”.

“Whether that means buying equipment to get a new business off the ground, creating jobs, developing a new product or cutting energy costs, this funding can make a real difference,” he said.

He urged anyone with a business idea, or a firm with plans to grow and invest, to contact the council’s business team.

In July, Cllr Stewart put the Local Growth Fund at £40m, when the council launched its High Street Helper grant of up to £30,000 for new shops and cafés in the city centre and district shopping areas.

That grant, and the Launchpad Bursary for testing an idea at a market stall or pop-up, run separately through the council’s £10m Economic Growth Fund.

No closing date has been given for the Local Growth Fund grants.

To find out more, email businessswansea@swansea.gov.uk.