1. What is the purpose of the fund?

  • To provide continued access to finance for tourism projects in Wales
  • To support the transition of the tourism sector from grant reliance to commercial loan serviceability
  • To allow public funding to be mobilised in an area that can create significant impact on the economy
  • To support potentially substantial strategic investments as required.

2. What can be funded?

  • The new fund will provide patient capital to tourism businesses of between £100,000 to £5,000,000 for qualifying projects. It can be used either to upgrade existing, or create new, high quality assets in the Tourism sector.

3. How long will the funding last?

  • Repayment term is between 10-15 years, and can include seasonality payment breaks.

4. Which parts of Wales does the fund focus on?

  • All of Wales

5. What are the conditions of the fund?

  • Applicants will need to:
    • commit to supporting the Welsh Government’s Prosperity for All strategy and demonstrate a commitment to the four requirements of the Economic Contract
    • be based in Wales and demonstrate how the project will stimulate growth in new and existing markets and create and/or safeguard jobs
    • demonstrate financial viability and repayment over the term of the funding package.
  • If support is offered, applications will need to demonstrate how they will deliver against one of the following Calls to Action, which will form part of the conditions of support:
    • decarbonisation – for Wales to benefit from the global market shift in demand to low carbon, products, goods and services, and for this to support a transformation in our prosperity, health and well being
    • innovation, entrepreneurship and headquarters – for businesses to continually develop products and services that enable them to remain competitive and sustainable as well as drive up the overall performance of the economy
    • exports and trade – for businesses to grow through trading with the rest of the UK and by exporting to overseas markets, thereby increasing their productivity and improving their resilience to changes in the global economy
    • high quality employment, skills development and fair work – a prosperous and fair society

6. Am I eligible?

  • All private and third sector tourism business are eligible.

7. Is my project eligible?

  • Support will be considered, in order to:
    • create and safeguard jobs
    • realise economic benefit and growth
    • deliver quality, innovation and a sense of place.
  • The focus for support is to deliver distinctive stand out projects which reinforce the Wales brand, reflects the core values and in particular, delivers against the core brand objectives:
    • elevates Wales’ status
    • surprises and inspires
    • reinforces positive perceptions
    • does good things
    • is unmistakably ‘Wales’.

8. How much can I apply for?

  • Between £100,000 to £5,000,000 for qualifying projects.

9. What does the fund cover?

  • This fund comprises a mix of repayable and non-repayable finance, targeting eligible capital investment projects in the tourism sector in Wales. It can be used either to upgrade existing, or create new, high quality product.
  • The fund priorities include (this list is not exhaustive):
    • high quality, innovative, reputation changing tourism products
    • luxury hotels (existing expansions, upgrades and new hotels)
    • all weather, all year, attractions
    • flagship attractions
    • innovative activity experiences
    • distinctively Welsh visitor focussed food experiences
    • spa & high quality leisure facilities
    • innovative cultural or heritage related projects
    • distinctive & high quality inns, guest accommodation products
    • unusual places to stay.

10.What is not eligible for funding?

  • Revenue funding is not eligible.

11.What is the application process and how do I apply?

  • In order to be considered for support from the Wales Tourism Investment Fund an applicant will need to:
    • Step 1: commit to supporting the Welsh Government’s Prosperity for All strategy and demonstrate a commitment to the four requirements of the Economic Contract
    • Step 2: develop quality sustainable tourism products and stimulate growth in new and existing markets and create and/or safeguard jobs.
  • The fund includes a two stage application process. The first stage includes an Expression of Interest (EOI) form and if successful at this stage, the business will then be invited to make a full application.
  • If you are interested in receiving more information on the WTIF, please email WTIF@gov.wales or call 03000 622418.

12.When can I apply for funding?

  • The fund is open for first stage enquires now. If you are interested in receiving more information on the WTIF, please email WTIF@gov.wales or call 03000 622418

13.What will I need to provide with my application?

  • As part of first stage, you will need to submit an EOI along with information to demonstrate commercial viability such as copies of your company accounts and an Economic Contract.

14.What is the mix of grant and loan?

  • This is applied on assessment on a case by case basis. The grant funding will represent the minimum level of intervention required in order to make the proposal commercially viable. The norm however will be 80% loan and 20% grant.

15.How will my application be assessed?

  • Each application will be assessed at the EOI stage and then if successful, a full detailed application will be assessed based on the fund’s assessment criteria. Strategic alignment and commercial viability.

16.Who will be my point of contact?

  • Welsh Government Tourism Investment team on WTIF@gov.wales or call 03000 622418

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