Getting funding for your business is one of the hardest things to do, but we are lucky here in Wales to have the benefit of government support. There are a couple of schemes that TechHub Members have used to help them grow and we wanted to highlight them too the rest of the community.
Digital Development Fund
Is a non-repayable grant up to �50,000, which must be matched by other external investment. Aimed at the tech/creative sector, it is designed to increase the funding you are have already raised so you can start your company/project.
You have to submit a application form along with your business plan and 2 years financial forecasts.
�DDF Funding alongside our investment from angels has allowed us to grow much faster and our team has grown from 2 employees to 13 in the last 12 months�
Matt Warren Founder of Veeqo
It is not perfect, the major issue is the time it takes for them to make a decision which is between 6 and 12 weeks and before a decision is made you can not spend any of the money you want to claim. You get the money once you have spent it, so you need to ensure you have the cash flow first, which for startups is not easy, but the claim process is quick.
If you can work around the timing issues, then it is a brilliant scheme to increase the money you have already raised.
Read more about it here
Jobs Growth Wales
This scheme will pay the salaries (minimum wage) of up to 5 employees you hire for the first 6 months, who are under 26 and did not have a job.
It is a fantastic scheme for Startups, who can use it to hire quicker than they would normally and especially great for hiring recent graduates who fit the criteria quite often.
You can pay the employee more than minimum wage but the government will not cover the extra element. The scheme is cash flow negative, so you pay your staff member and then 30 days later you get the money from the Government.
The scheme is managed by private companies on behalf of the Welsh Government, its not over complicated to get setup and requires a site visit to ensure you have a safe working environment and fill in some basic paperwork. Then once a month you make your claim by providing time sheets, payslips and a invoice.
Find out more here