Economic Resilience Fund – Find out if your business is eligible for support from the third phase

Economy Minister Ken Skates announced the new phase of the fund last week which will see an additional £140m being made available to businesses.

The eligibility checker will enable businesses to see if they can access the £80m tranche of the fund which will support firms with projects that can help them transition to the economy of tomorrow. It will require co-investment from companies and a clear plan about how they will adjust to the post-covid economy.

Of this, £20m will be ring fenced to support tourism and hospitality businesses who are facing particular challenges as they enter the winter months.

The Welsh Government is currently working with local authorities and the Welsh Local Government Association on the detail of the £60m Local Lockdown Business Fund that will support businesses impacted by local restrictions. Further information on how to access this fund will be published shortly on the Business Wales website.

Economy Minister Ken Skates said: “Welsh Government support has been crucial for businesses throughout Wales in dealing with the economic impact of the coronavirus pandemic.

“Key to this has been our unique Economic Resilience Fund which has already helped protect more than 100,000 jobs.

“Today we are opening the eligibility checker for the next £80m of the fund so businesses can find out if they are likely to benefit. We have deliberately ringfenced £20m of this money for tourism and hospitality businesses because we recognise the particular pressures they are under at this challenging time.

“The application process will open during the week of 26th October. We will also be providing further information on how businesses impacted by local lockdowns can access a share of the £60m we have committed for this purpose very soon.”

The £80m worth of business development 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 £10k 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 £150K 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) business.
• Large businesses (employing 250+ people) will be able to apply for up to £200K on the condition they match this with their own investment of at least 50%.

The Eligibility Checker for this part of the fund can be found at: https://fundchecker.businesswales.gov.wales/erfphase3

The Local Lockdown Business Fund, worth up to £60m, will provide grants based on the Non-Domestic Rates (NDR) system to businesses who meet eligibility requirements and have been materially impacted by local lockdown. More detail will be available on the Business Wales website shortly.

Eligible Retail, leisure and hospitality businesses in Wales occupying properties with a rateable value of between £12,001 and £51,000 could access a grant worth £1,500.

A £1,000 grant will be available to eligible businesses that have a rateable value of £12,000 or less.