Welsh Government Announces Measures to Help Businesses Manage Coronavirus Impact

Welsh Government Announces Measures to Help Businesses Manage Coronavirus Impact

Businesses across Wales are being offered support to stay financially solvent during the coronavirus pandemic.

The Welsh Government’s Economy Minister, Ken Skates, has announced a new wave of support for businesses affected by coronavirus, following a conversation with companies about what they need to respond to the outbreak.

The Minister also announced that the Development Bank of Wales will be offering all its business customers a capital repayment holiday of three-months to help them manage the financial fallout from the virus.

A series of conversations will now be held between the Minister and business organisations about their needs, as the Welsh Government works to develop a wider package of support to help companies to manage the challenges presented by the spread of the virus.

Business Wales and the Development Bank of Wales are able to provide businesses throughout Wales with tailored support and advice about dealing with coronavirus, from financial and supply chain planning to advice on staffing issues.

The Welsh Government is also talking to banks about what support they will offer businesses during this period.

Ken Skates said:

‘The capital repayment holiday for Development Bank customers is an important step and we are working on a wider support package to provide the reassurance and assistance the business community needs.’

Giles Thorley, CEO of the Development Bank said:

‘The Development Bank of Wales currently has over 1,000 business customers and we are working hard to support them during this period.

‘I want to reassure the market that we are ready and able to help Welsh business through this time of uncertainty.

‘We will continue to review our approach as this situation develops.’