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Eluned Parrott AM Concerned For Retail Sector after Wales Economic Growth Fund Ignores Food

February 29, 2012 2:17 PM

Shadow Business and Enterprise Minister Eluned Parrott AM for the Welsh Liberal Democrats commented on todays Wales Economic Growth Fund statement (see below) "While I welcome the popularity of this fund, I'm concerned that businesses in the struggling retail sector have been excluded, ostensibly because of the State Aid rules regulating the use of grants by governments.

"I have been made aware of strong and dynamic businesses that needed help but were excluded from the Wales Economic Growth Fund money. I am pleased that the Minister will look at tackling this soon and also look at a Business Credit Union which would provide a longer term form of funding.

"Establishing a Business Credit Union would be more sustainable in the long-run and would recycle the funds available so they have continued impacts, and as it is only non-repayable grants that are liable to the State Aid rules, all sectors could be included. I will be insisting the Welsh Government give serious consideration to this option, in the hope that those businesses that haven't been able to access it can still have the chance to grow."