Small firms to receive £25m cash injection

Date: 30th January 2009

Struggling small businesses are set to benefit from a European Union-backed £25 million regional grant scheme.

Pioneered by Enterprise Networks - a group of approximately 250 entrepreneurs - the scheme will target more than 4,200 business start-ups, particularly looking at how supply chains and procurement processes can be improved.

The regional programme will specifically target businesses in Wales and as much as £12 million in funding will come from the Convergence European Regional Development Fund.

Deputy first minister of the Welsh Assembly, Ieuan Wyn Jones, commented: "Innovation is vital for success and Enterprise Networks is geared to support existing companies and help get new businesses off the ground."

He added that the fund would help Welsh small businesses to effectively bid for public sector contracts.

Small businesses all over the UK should also keep in mind tomorrow's (January 31st) deadline for self-assessment tax returns.