£300 million phase of Economic Resilience Fund opens for applications
Businesses can now apply for funding from the third phase of the Welsh Government’s Economic Resilience Fund (ERF).
Last week, Welsh Government announced it was doubling this phase of the fund, making nearly £300 million available to support businesses that continue to be affected by COVID-19.
As a result of the “firebreak”, which began on Friday 23 October and continues until Monday 9 November, a range of businesses have had to temporarily close their doors or reduce their operations. The third round of the ERF will ensure further help for businesses across Wales.
To date, the fund has supported more than 13,000 businesses. This has helped to protect in excess of 100,000 jobs which might otherwise have been lost.
The ERF is part of Welsh Government’s £1.7 billion plus support package for businesses and complements support schemes available from the UK Government.
The latest phase of the ERF will see:
- Micro businesses, SMEs and larger firms able to apply for funding from the £100 million Business Development grant fund. £20 million of this is ring-fenced for tourism and hospitality businesses.
- Payments of up to £5,000 for retail, hospitality and leisure businesses that are required to close and which occupy a property with a rateable value of between £12,001 and £51,000. Businesses will be automatically eligible for this funding, but will need to register and update their details via Business Wales or their Local Authority to receive it.
- Payments of £1,000 for businesses that are eligible for Small Business Rates Relief (SBRR) and occupy a property with a rateable value of £12,000 or less. While a business will be automatically eligible for this payment, they will need to register and update their information and bank details via Business Wales or their Local Authority to access funding. Businesses qualifying for this grant will also be able to apply for additional support if they have been forced to close during fire break. Qualifying businesses subject to local restrictions prior to the fire break will also be able to apply for an additional amount of financial assistance.
- Eligible businesses that do not qualify for business rates linked grants are able to apply for awards of up to £2,000 from a £25 million discretionary fund via their local authority.
Economy Minister Ken Skates yesterday said:
The latest phase of the Economic Resilience Fund will provide almost £300 million of crucial support to businesses affected by the firebreak which is absolutely necessary to slow down coronavirus.
We know this is a difficult and challenging time for our business community and that is why we are more than doubling the amount available for this round of the fund.
From today, businesses will be able to apply for support and we will be working hard to get money out of the door as quickly as possible.
As a Welsh Government, we are doing all that we can to protect jobs and help firms through the pandemic and against the uncertain back drop of the end of the EU transition period.
I would also like to thank local authorities and the Welsh Local Government Association who we are working closely with to ensure we can get this important support to businesses.
Visit Business Wales for more information and to apply for funding.
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