Economic Resilience Fund - is your business eligible for support?

Economic Resilience Fund - is your business eligible for support?

Businesses across Wales can now apply for funding from the third phase of the Economic Resilience Fund (ERF).

It was announced last week that the new phase of the fund will see an additional £140m being made available to businesses.

The fund in total is £80 million and aimed at supporting businesses to help them transition to the economy of tomorrow.

£20 million of the fund will be allocated to support businesses in the tourism and hospitality sectors.

The grants will be open to micro-businesses, SMEs and large businesses:

  • micro-businesses (employing between 1 and 9 people) will be able to apply for up to £10,000 on the condition they match this with their own investment of at least 10 per cent;
  • SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000 on the condition they match this with their own investment of at least 10% for small business (1-49 staff) and 20% for medium-sized (50-249) businesses;
  • large businesses (employing 250+ people) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%.

The grant fund will be open for applications from the week commencing 26 October 2020 and remain open for four weeks.

Applicants who received funding in phases 1 and 2 can also apply. They are also still applying a value for money criteria based on £2,500 per employee.
 
To talk to the team at Verde about financial modelling, or to discuss how your business can plan for the next stage of recovery, get in touch by clicking here. You can also get in touch by calling 029 2240 3445 or email: admin@verdecf.com_