Cardiff is well placed to attract a wide range of grant aid and financial support from a range of support agencies, including the Welsh Government and Cardiff Council. Investment projects which meet the Council’s criteria can potentially attract between 10% and 30% of a company’s costs for capital investment and job creation, with potentially higher levels available for research and development.
While we know that grant aid and financial support are not key reasons for a company choosing a vibrant location like Cardiff, the availability of grant can help reduce the risks of an investment and potentially improve returns. Alongside competitive salaries the availability of a grant package can provide a very competitive offer for businesses looking for a long term sustainable location. The level of funding can be influenced by your location in the city and the size of business i.e. small and medium or a large enterprise. The key grant schemes are as follows:
- Non-repayable finance – This is a regional aid scheme for businesses investing and creating jobs within Cardiff. The scheme has a range of criteria which must be met. This has been one of the principal sources of grant aid that has supported inward investment into the Cardiﬀ area. Average levels of grant aid have been circa £6,000 per job created /safeguarded.
- Training – Grant support for company’s training programme can be made available up to a maximum of €2 million per project. Under this scheme, the company’s training costs can be funded alongside third party
Generally non repayable finance and training support are negotiated.
- Research and Development – Grant support towards research and development can also be made available. The rate of support is dependent on the type of research undertaken and the degree of collaboration involved. Generally, support is capped at €15 million per project.
- De Minimus – De Minimus aid can be provided for projects not meeting any of the above criteria or for businesses located within parts of the city that may not attract a full range of grant aid. Under this scheme, a maximum of €400,000 can be provided over a four year period.
- Cardiff Central Enterprise Zone – Cardiﬀ Enterprise Zone is located within an Assisted Area in Cardiﬀ, and also benefits from further support from the Welsh Government, including opportunities for some businesses to claim rate free periods within the Zone.
Assisted Area Status
Assisted Areas are those areas where regional aid can be oﬀered under Commission state aid rules. In Wales discretionary financial support is available for businesses. Business Premises Renovation Allowance (BPRA) is also available and gives 100% rate relief for expenditure on converting or renovating unused business premises in assisted areas.
Attractive rental packages, rent free periods are an integral part of the financial and support package for investing in our Capital City. Unlike most cities in the UK, Cardiff has both high quality sites and Grade A buildings in the ownership of the private and public sector. This includes commercial offices and land in the city centre and Enterprise Zone and Greenfield locations office locations like Cardiff Gate and St.Mellons which can be made available to businesses investing in the city. The Council also has a portfolio of technology /incubation units which it could make available to investors seeking accommodation or requiring short term accommodation prior to occupying long term premises.
Post Investment Support
Cardiff prides itself in looking after its investors. We have a dedicated team within Economic Development and supported by the Welsh Government, which provides ongoing support to our existing businesses. Every investor has a dedicated project officer who will ensure you continue to have access to financial support schemes, business networks and relevant University departments in order to ensure your investment in Cardiff remains successful.