The Welsh government has announced its £20m Future Proofing Fund, which will help businesses nationwide strengthen their future trading position by increasing profitability.

The fund is open to businesses in the retail, hospitality and leisure sectors located in Wales (either headquartered or with an operating address in the country) and employing people there.

The Welsh government highlights renewable energy technology, improvements to the fabric of premises and upgrades to systems or machinery to reduce energy use, as investment options for businesses.

The grants will be paid up to 75% of project costs or £10,000, whichever is the lesser amount. The business will contribute the remaining 25% from other sources.

Wales economy minister Vaughan Gething commented: The ongoing cost-of-living and cost-of-doing-business crises continue to present difficulties to businesses across Wales. These grants will help micro, small and medium-sized businesses to make significant changes in the way they run their operations so they can adapt for the future.”

Wales finance minister Rebecca Evans added: “We are also providing a fifth successive year of support for retail, leisure and hospitality businesses with their rates bills, for £78 million. This builds on the almost £1 billion of support provided in rates relief schemes to these sectors since 2020-21.”

An eligibility checker will open in mid-April 2024 and applications will open in May.

In 2023, the Wales government published an action plan known as “Together for retail: a Wales Retail Forum action plan” to improve the retail sector and support its workers.