Construction Sector Fund Announced by Minister
A new £250,000 fund to support small and medium sized businesses working in the construction sector across Wales was announced last week by Edwina Hart AM Minister for Economy, Science and Transport.
The Construction Sector Development Fund is now open for expressions of interest and will provide grants up to a maximum of £50,000 or 50% of the eligible costs of projects. The minimum grant payable is £5,000. The Minister said: ”We have a large number of small and medium sized enterprises working in the construction sector that make a significant contribution to the Welsh economy. The Fund is designed to help these enterprises increase their competitiveness, win new business and help grow the sector.
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CEW Welsh Local Authorities Capital Programme Survey
Would it help your business to know how much construction work your local authorities in Wales are planning to deliver over the next 3 years?
The construction industry in Wales is heavily dependent on local authority highway and construction programmes. However, for many, the visibility of these programmes is shrouded in mystery and as a result the ability of Welsh construction businesses to prepare for these opportunities is severely hampered by this lack of visibility. The ability of Welsh local authorities to strategically plan collaborative operations is similarly hampered through a lack of knowledge about their neighbours’ plans and, in some cases, other departments in the same local authority. Thankfully this is all about to change!
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Improving access to finance: A new and quicker way to pay construction businesses in Wales
A new and quicker way of paying businesses in the public sector construction supply chain in Wales was unveiled yesterday by Finance Minister, Jane Hutt.
The construction sector in Wales is dominated by small to medium enterprises (SMEs), many of whom play important roles in delivery of public sector projects through sub-contracting arrangements. Many of these businesses are dependent on main contractors ensuring fair and prompt payment through the supply chain. Project Bank Accounts (PBAs) are ring-fenced bank accounts whose sole purpose is to act as a channel for payment on construction projects to ensure that contractors, key subcontractors and key members of the supply chain are paid on the contractually agreed dates. This eases cash flow pressures for business and supports closer working within the supply chain.
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