The Welsh Government has announced the third phase of its Economic Resilience Fund (ERF). Nearly £300m is available to support businesses that continue to be affected by Covid-19. The fund is now open and businesses can apply.
This third round of the ERF has received additional funding to help businesses across Wales affected by the "firebreak" which began on Friday 23 October 2020 and is due to finish on Monday 9 November 2020. As part of the "firebreak" a range of businesses have had to temporarily shut or reduce their work levels.
The latest phase of the ERF complements business support schemes available from the UK Government and includes:
- Micro businesses, SMEs and larger firms which will be able to apply for funding from the £100m Business Development grant fund scheme, of which £20 million is ring-fenced for tourism and hospitality businesses.
- Payments of up to £5,000 for retail, hospitality and leisure businesses that are required to close and which occupy a property with a rateable value of between £12,001 and £51,000.
Businesses will be automatically eligible for this funding, but will need to register and update their details via Business Wales or their Local Authority to receive it.
- Payments of £1,000 for businesses that are eligible for Small Business Rates Relief (SBRR) and occupy a property with a rateable value of £12,000 or less. While a business will be automatically eligible for this payment, they will need to register and update their information and bank details via Business Wales or their Local Authority to access funding. Businesses qualifying for this grant will also be able to apply for additional support if they have been forced to close during the "firebreak". Qualifying businesses subject to local restrictions prior to the "firebreak" will also be able to apply for an additional amount of financial assistance.
- Eligible businesses that do not qualify for business rates linked grants are able to apply for awards of up to £2,000 from a £25m discretionary fund via their local authority.
To talk to the team at Verde about how they can help you apply for this fund, 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: firstname.lastname@example.org_