Further details about support from the Welsh Government’s new £500m Economic Resilience Fund has been published today.

To be eligible for this phase of support, businesses, charities and social enterprises, must meet criteria including:

Micro businesses, including start-ups, employing up to nine employees could be eligible for up to £10k support. This includes sole traders employing staff. Businesses in this bracket could qualify for support from the fund if they:

– Have experienced in excess of a 40% reduction in turnover since 1 March 2020;
– Can demonstrate that efforts have been made to sustain business activity;
– Are not pursuing other forms of Welsh Government non-repayable grant funding support;
– Are not be entitled to business rate relief grants

Small and medium sized firms with between 10 and 249 employees could be eligible for grants of up to £100,000 if they:

– Have experienced in excess of a 60% reduction in turnover since the first day of March;
– Are not be eligible for business rate relief grants, or if they are, that amount would be deducted from their allocation from this fund;
– Have a sustainable business plan to trade beyond the Covid-19 pandemic;
– Confirm no future compulsory redundancies will be made as long as the Coronavirus Job Retention Scheme is in place;
– Are not be pursuing any other form of Welsh Government non-repayable grant funding support

Funding will also be available to support large businesses with more than 249 employees. Applications will be considered on a case-by-case basis to consider where funding can be deployed most effectively to compliment other sources of support. Read more here.

Full details on the eligibility criteria can be found at:

https://fundchecker.businesswales.gov.wales

The application process for businesses qualifying for financial support from the Economic Resilience Fund will open on Friday 17 April via the Business Wales website.

About Eirlys Jones

Eirlys is the Head of Operations at North Wales Tourism and can be contacted at eirlys.jones@nwt.co.uk or connect with her on LinkedIn you can also follow her on Twitter @EirlysJones5