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.
