Hundreds of small to medium-sized businesses in the retail, hospitality, and leisure sectors in Wales will soon have the opportunity to apply for Welsh Government grants ranging from £5,000 to £10,000.

The £20m Future Proofing Fund is set to support businesses to increase their profitability through investments in renewable energy technology, infrastructure upgrades, and system enhancement to decrease energy consumption.

Economy minister Vaughan Gething expressed the fund's objective to assist businesses in making adjustments in their operations to maintain longevity amidst the ongoing cost-of-living and business operation crises, saying: "The ongoing cost-of-living and cost-of-doing-business crises continues to present difficulties to businesses across Wales."

Finance minister Rebecca Evans also highlighted the initiative's aim to deliver practical assistance that promotes effective long-term business planning.

The grants will cover up to 75 per cent of project costs or £10,000, with the business covering the remaining 25 per cent from other sources.

The fund's eligibility checker is set to launch in mid-April 2024 and applications will open in May 2024.