Development Bank of Wales – The Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak. The Scheme will be available from the Development Bank of Wales for a limited period. It is intended to provide support to businesses who are experiencing cashflow difficulties as a result of the pandemic.
The loan scheme will work alongside the UK wide Coronavirus Business Interruption Loan Scheme, other Welsh Government and UK Government support offers, providing more vital options for Welsh businesses. Loans of between £5,000 and £250,000 are available to businesses who have been trading longer than 2 years and can demonstrate that they were able to service that level of debt before the outbreak.
• £100m fund
• Loans between £5,000 to £250,000, maximum loan levels apply
• 12 month capital and interest repayment holiday
• No arrangement or monitoring fees
• 2% interest fixed for 6 years (includes the 12 month holiday)
Details of the fund, eligibility and application process can be found on the Development Bank of Wales’s website https://developmentbank.wales/
Economic Resilience Fund – Businesses can also benefit from a £400 million emergency pot providing:
• Grants of £10,000 for micro-businesses employing up to nine people. This includes sole traders employing staff. Qualifying businesses will be able to apply by mid-April.
• Grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees. Qualifying businesses will be able to apply from next week.
• Support for larger Welsh companies, which are of critical social or economic importance to Wales. This element will be open to qualifying businesses within the next two weeks.
Details of the application process and eligibility are being finalised and will be published shortly.