The fund aims to provide financial assistance to businesses to help them survive the economic consequences of the restrictions put in place. Photo credit: Shutterstock
The Welsh government is extending its support for businesses in Wales with additional funds that will be open for application on Wednesday afternoon, 28 October 2020. We would urge members to check the guidance and apply as soon as possible, as funds will be allocated on a first come first served basis and is unlikely to last long.
Businesses across Wales can check their eligibility for the third phase of the Economic Resilience Fund via the Eligibility Checker on Business Wales’ website.
The Economic Resilience Fund is £80 million worth of business development grants open to micro businesses, small and medium-sized enterprises and large businesses. This fund would be of particular interest to members who are a registered company or charity, are VAT registered, have business premises and where employees are paid via PAYE.
There are a range of projects that the fund could help support and there are some investment examples that might be useful on the Business Wales’ website. It would be important to ensure that projects submitted for these grants could be delivered within the current financial year.
The third phase of the Economic Resilience Fund also includes a Lockdown Business Fund delivered by local authorities in Wales which may be of particular interest to members.
The Lockdown Business Fund aims to provide financial assistance to businesses to help them survive the economic consequences of the restrictions put in place.
Eligibility criteria for businesses
Businesses that meet the following criteria may be eligible:
- Business was trading prior to 1 September 2020
- Businesses must be operating in Wales
- Businesses must have one or more of the following – a HMRC Unique Taxpayer Reference (UTR) Number, a VAT Registration Number or a VAT exemption certificate, a Company Registration Number
- Have been forced to close or have experienced a drop in turnover of >80% as a result of the national lockdown in Wales
- Employing 49 or less employees
- The business must be your main source of income (>50%)
- Supported businesses must aim to maintain employment for 12 months
- Only one application per business
- Businesses should be actively trading up to the date of national firebreak lockdown and may be required to provide evidence to demonstrate this
- Businesses that are eligible for the Lockdown Non Domestic Rate Grant are not eligible for this discretionary grant.
Full guidance for the Enhanced Lockdown Discretionary Grant can be downloaded from the Business Wales website.
To help businesses locate the varied range of support available to them to get through this difficult period take a look at the COVID-19 Business Support Finder pages on the Business Wales’ website.
There is also the Welsh Government Discretionary Assistance Fund (DAF) that can provide help via its emergency assistance payments.