The fund will provide additional financial support during the coronavirus pandemic and will help organisations to manage cash flow pressures. It will help to address gaps not met by schemes already announced by the UK Government, Welsh Government and Development Bank of Wales. The fund will release £200m of funding, will be targeted at microbusinesses, SMEs and large businesses of critical social or economic importance to Wales.
- Micro businesses, including start-ups, employing up to nine employees could be eligible for up to £10k support. This includes sole traders employing staff.
- Small and medium sized firms with between 10 and 249 employees could be eligible for grants of up to £100,000
- Funding will also be available to support large businesses with more than 249 employees. Applications will be considered on a case-by-case basis
Full details on the eligibility criteria can be found at: https://fundchecker.businesswales.gov.wales/
The application process for businesses qualifying for financial support from the Economic Resilience Fund will open on Friday 17 April 2020 via the Business Wales website
Posted on: Wednesday 15th April 2020