Local Investment Fund North West Wales
The Local Investment Fund (LIF) is a package of flexible financial support to assist new and existing businesses by offering capital grants of 40% of eligible projects, subject to a minimum of £1000 and a maximum of £10000 grant.
The scheme is targeted at small and medium sized enterprises (employing less than 250 people) with either a turnover not exceeding €50 million or a balance sheet not exceeding €43 million; based in the local authorities of Conwy, Denbighshire, Gwynedd and Isle of Anglesey.
The Fund is designed to develop the local economy by stimulating business activity.
To be considered, your project must meet one or more of these objectives:
- Creating jobs
- Sustaining jobs
- Increasing turnover
- Aiding business growth
- Increasing competitiveness
- Making efficiency gains
- Increasing sustainability
- Stimulating further investment/growth
- Introducing new products, services or markets
- Supporting a key sector (Clean/Renewable Energy, Environmental Management, Telecommunications, ICT, Financial/Professional Products/Services, Creative Industries, Automotive, Aerospace, Construction, Food, Defence, Retail, Leisure and Tourism)
- Creating/developing a Social Enterprise.
As the grant is part funded through the European Regional Development Fund (Convergence) businesses will need to be eligible for funding under this scheme.
There are certain sectors/activities which are deemed ineligible for EU funding and these include:-
- Coal/Steel
- Shipbuilding
- Synthetic fibres production
- Activities which fall under the remit of other EU Programmes, eg Rural Development/European Fisheries
- Banks
- Insurance companies
- Housing
- Statutory education
- Health services
- Sport/leisure/recreation activities
- Fisheries/aquaculture/agriculture and Annex 1food production/milk substitutes/export related activities
Additionally, LIF cannot support projects which cause displacement, (i.e. provide an unfair advantage over local competitors).
Minister Ieuan Wyn Jones launching NWW LIF 2009