: Grants to businesses mean 50 new jobs.

Byline: David Jones Business Staff

FIFTY new jobs are being created in North Wales and a further 81 safeguarded after companies across the area secured funding from a new investment grant being introduced by the Welsh Assembly.

The Assembly Investment Grant, offering support of between pounds 5,000 and pounds 50,000, is available to SMEs throughout Wales which may have missed out under other funding schemes.

Llanberis-based Vixen CNC is the first company in Wales to be awarded the new AIG. Founded in 1999, the company specialises in the manufacture of precision-machined components for the UK industrial safety, automotive and other sectors. It has received pounds 50,000 funding towards a total investment of pounds 180,000 to buy new machinery.

Economic Development Minister Andrew Davies said: ``I am very pleased to announce this first Assembly Investment Grant. Small and medium-sized businesses are the bedrock of the Welsh economy, and the Welsh Assembly Government established the AIG specifically to ensure that they had access to a fasttrack, streamlined source of financial support, regardless of where they were based.

``We have had an excellent response so far, with around pounds 300,000 committed in North Wales alone, leading to the creation of 50 new jobs and safeguarding a further 81. I look forward to seeing many more small businesses in Wales benefit in the future.''

Vixen's managing director, Jake Wood, added: ``The Welsh Assembly Government's early decision to offer AIG has enabled us to purchase a vital piece of machinery/kit which allows us to continue to operate effectively in a highly competitive market. The Assembly's Colwyn Bay office was most helpful and moved things along very quickly. Without their help this project would not have gone forward.''

Other North Wales companies to benefit so far from the AIG include Select Furnishings, a new business in Holywell which will provide specialist interior furnishings to caravans and motor homes with computer-aided graphics, and Vannplastic, a new start-up company in Flintshire offering a new product of wood/plastic composite.

Also receiving grants under the programme are Action Makers, of Bala, to expand its scaffolding business, Talacre Beach Caravan Sales, Rhyl, to relocate and expand a call centre facility, Design Reality, Rhyl, for expansion of its design business, Prima Board C, Hawarden, to introduce latest manufacturing technology, Design2Print, Conwy, for graphic design and offset litho printing, and Conwy-based filming and editing company NWK, Conwy.

Funds of pounds 3m are being earmarked for the new grant during the first year, but the Assembly said additional funds would be made available if demand exceeds allocation. There is a streamlined application and claims procedure, which gives a decision within 20 working days. Businesses outside assisted areas are eligible, although those within assisted areas may be eligible for a higher level of grant.

Launching the new grant at the end of March, Mr Davies said it would help businesses which may have missed out because they were not in an assisted area or because they felt that regional selective assistance, which provides grants of more than pounds 50,000, did not meet their needs. Grants of less than pounds 5,000 will continue to be administered by local authorities.