Friday, 17 April, 2020
Bids can now be submitted for support from the second phase of the Welsh Government’s £500 million fund to help enterprises that are suffering because of the impacts of coronavirus.
The COVID-19 Economic Resilience Fund provides financial assistance for organisations in Wales that are facing operational and financial challenges as a result of the coronavirus (COVID-19) outbreak.
The aim is to support trading organisations with immediate cash flow support to help them through the economic consequences of the outbreak. The programme will help to address gaps not met by schemes already announced by the UK Government, Welsh Government and Development Bank of Wales.
The current phase of the programme is targeted at micro-businesses, SMEs, charities, social enterprises and large businesses of critical social or economic importance to Wales.
There is up to £100 million available to support micro enterprises, including start-ups employing up to nine people and sole traders employing staff. Individual grants of up to £10,000 are available.
A further £300 million has been set aside for small and medium-sized enterprises (SMEs). Organisations in this category can access grants of between £25,000 and £100,000.
Minister for Economy, Transport and North Wales, Ken Skates said:
'Funding from the second phase of our Economic Resilience Fund is going to be absolutely essential for businesses, charities and social enterprises in seeing them through this incredibly tough period.
'We will be processing applications as fast as possible and we have moved staff into roles for exactly this purpose – to get money out quickly to businesses who need it.'
The scheme opened on 17 April 2020. Currently, there is no application deadline. Applications can be made through the dedicated Business Wales website.
More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.