Economic Resilience Fund - find out if your business is eligible for support from the third phase
Businesses across Wales can now find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF).
Economy Minister Ken Skates announced the new phase of the fund last week which will see an additional £140 million being made available to businesses.
The eligibility checker will enable businesses to see if they can access the £80 million tranche of the fund which will support firms with projects that can help them transition to the economy of tomorrow. It will require co-investment from companies and a clear plan about how they will adjust to the post-covid economy.
Of this, £20 million will be ring fenced to support tourism and hospitality businesses who are facing particular challenges as they enter the winter months.
Welsh Government is currently working with local authorities and the Welsh Local Government Association on the detail of the £60 million Local Lockdown Business Fund that will support businesses impacted by local restrictions. Further information on how to access this fund will be published shortly on the Business Wales website.
Economy Minister Ken Skates yesterday said:
Welsh Government support has been crucial for businesses throughout Wales in dealing with the economic impact of the coronavirus pandemic.
Key to this has been our unique Economic Resilience Fund which has already helped protect more than 100,000 jobs.
Today we are opening the eligibility checker for the next £80 million of the fund so businesses can find out if they are likely to benefit. We have deliberately ringfenced £20 million of this money for Tourism and hospitality businesses because we recognise the particular pressures they are under at this challenging time.
The application process will open during the week of 26th October. We will also be providing further information on how businesses impacted by local lockdowns can access a share of the £60 million we have committed for this purpose very soon.
The £80 million worth of business development grants will be open to micro businesses, SMEs and large businesses.
- Micro businesses (employing between 1 and 9 people) will be able to apply for up to £10,000 on the condition they match this with their own investment of at least 10 per cent.
- SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000 on the condition they match this with their own investment of at least 10% for small business (1 to 49 staff) and 20% for medium sized (50 to 249) business.
- Large businesses (employing 250+ people) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%.
The Local Lockdown Business Fund, worth up to £60 million, will provide grants based on the Non-Domestic Rates (NDR) system to businesses who meet eligibility requirements and have been materially impacted by local lockdown. More detail will be available on the Business Wales website shortly.
Eligible Retail, leisure and hospitality businesses in Wales occupying properties with a rateable value of between £12,001 and £51,000 could access a grant worth £1,500.
A £1,000 grant will be available to eligible businesses that have a rateable value of £12,000 or less.
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